PRZOOM - /newswire/ -
Point Roberts, WA, United States, 2005/05/04 - Heartland Oil and Gas Corp. is pleased to announce that it has entered into a joint venture agreement with Far East International Petroleum Corporation having its head office in Dubai, United Arab Emirates..
Heartland Oil and Gas: International Developments
Heartland Oil and Gas Corp. (OTCBB: HOGC) ("the Company"), is pleased to announce that it has entered into a joint venture agreement (the "JV Agreement") with Far East International Petroleum Corporation ("FEIPCO") having its head office in Dubai, United Arab Emirates ("UAE"). Under the terms of the JV Agreement, Heartland and FEIPCO have formed a company operating under the name Arabian Heartland International Corporation. ("Arabian Heartland"). The Company will hold its 35% working interest in the joint venture via a newly formed wholly owned subsidiary "Heartland International Oil Corporation."
Arabian Heartland is actively pursuing a number of opportunities in the Middle East, with the initial focus being on securing contracts in Southern Iraq relating to the exploration, drilling, production and marketing of hydrocarbons and the procurement or provision of related oilfield services, including, but not limited to, drilling and related service contracts and securing production sharing agreements.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the very prospective and high risk nature of the Company's joint venture with FEIPCO, the "first mover advantage" associated with either the joint venture opportunity in Iraq, if any, and the Forest City Basin prospect described above, and any potential future production from the Company's Forest City Basin project.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration and unforeseen difficulties which may arise during the joint venture operations, including political risk, acts of war or war like activities, damage to or theft of joint venture assets, loss of life of joint venture personnel and otherwise. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.