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Back to Home » October 2010 News » GRIT International Inc. - Announces to "IPO" Oil and Gas Subsidiary on the Frankfurt Exchange |
GRIT International Inc. - Announces to "IPO" Oil and Gas Subsidiary on the Frankfurt Exchange |
October 06, 2010
GRANDE PRAIRIE, AB--(Marketwire - October 6, 2010) - GRIT International Inc., "GRIT" (FRANKFURT: 3GR1) (PINKSHEETS: GRIG) announces that its Canadian based oil and gas subsidiary GRIT PETROLEUM INCORPORATED, will be spinning out a newly listed public division called GRIT PETROLEUM TEXAS, which will be listed on the Frankfurt Stock Exchange. This company is being created in order to take advantage of the consolidation opportunities now present in the Texas oil and gas industry. The company has been negotiating the purchase of a large well package which has published proven developed and proven undeveloped oil reserves of 10,000,000 barrels which represents based on current oil prices of US$82 per barrel a minimum value of $820 Million (theoretically = US$10.25 per share of GRIT International) -- only based on this one purchase with several
Source URL: http://www.marketwire.com/mw/release.do?id=1330398&sourceType=3
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