Creston Resources Closes $1,535,000 Debt Financing
June 20 2007 - 8:45AM
Business Wire
Creston Resources LTD (Pink Sheets:CSTJ) announced it has closed on
a senior secured debt issuance of $1,535,000. The proceeds will be
used to pay off existing senior debt and for working capital. Brian
Jones, who was appointed president of the company in April, said,
�This funding represents an important step forward for Creston,
which allows us to restructure our debt under more favorable terms
and apply remaining proceeds toward reestablishing production from
several of our company's wells and pursue other production
projects. It also demonstrates a vote of confidence by our
investors in our development plans as we look to take advantage of
a number of opportunities with oil prices now at a nine-month
high.� About Creston Resources LTD Creston Resources is an emerging
oil and gas exploration and production company focused on the
development in the prolific Uintah basin of Utah. The company's
strategy includes increasing production by reworking its lower
production wells (which may include, in some cases, perforating new
zones) and drilling new wells from among the offset and infield
locations available on its acreage. Most locations are believed to
offer multiple prospective pay zones, from moderately shallow to
moderately deep. Creston will also seek additional opportunities to
acquire projects with production and/or acreage with proven or
potential reserves. For more information, visit
www.crestonresources.com. About Forward Looking Statements
Statements contained in this release that are not historical facts
are forward-looking statements that involve risks and uncertainties
which may cause the company's actual results in future periods to
be materially different from any results discussed in or implied by
such forward-looking statements. Such risks and uncertainties
include, without limitation, the company's ability to acquire
productive oil and/or gas properties and to successfully drill and
complete oil and/or gas wells on such properties, the inherent
uncertainty of oil and gas exploration and production, general
economic conditions, as well as other risks and uncertainties that
may be detailed from time to time in additional documents issued by
the company. Readers are cautioned not to place undue reliance on
any forward-looking statements. The company assumes no obligation
to update any forward-looking statements contained in this
document.
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