X-Change Corporation (OTCQB: XCHC.PK) announced today through its subsidiary Cress Oil, Inc., an independent exploration and production company based in Houston, Texas that it has executed a deal with Granite Group Energy, LLC, owned by BayCorp Holdings, Ltd for 21,112 aggregate net acres in the Popular West Prospect Area in East Central Montana. The transaction price is Fifteen Million ($15,000,000.00). The company is expected to close the transaction within 70 days.
The primary objective of the Popular West Prospect is the Bakken formation whereby the area is thermally mature and oil saturated. The Popular Dome was the site of some of the earliest drilling in the Williston Basin back in 1924, and the first production from the area was established in 1952 and has produced over 70 MMBO. Cress intends to drill multiple wells in the western flank of the Popular Dome.
"Our acreage position in the Bakken gives the company a big footprint for exploration and production,” said Atul Trivedi, chief executive officer of Cress Oil, Inc. Our average cost, after the closing, is relatively low at $710 per acre. Our acquisition of the Popular Dome provides us with additional drilling opportunities and strong visible growth as the company begins to aggressively execute its 2012 and 2013 drilling program."
A U.S. Geological Survey estimated undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota.About X-Change Corporation X-Change Corporation is building interests in a broad range of oil and gas projects worldwide. The Company is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas. About Cress Oil Cress Oil is focused on projects for deep and shallow wells domestically and internationally. Cress Oil will partner with other oil and gas companies to explore for reserves on properties the majors have left behind. Cress Oil earns an interest in new reserves acquired and in production. The company intends to grow through a combination of exploration, exploitation, and development drilling, drilling services as well as strategic acquisitions of oil and natural gas fields. For more information, please visit www.cressoil.com This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations