LAKE MARY, Fla., Nov. 12, 2012 /PRNewswire/ -- EyeCity.com, Inc. (Pink Sheets: ICTY) today announces the acquisition of 3 oil wells in Cobb County Texas with an option to acquire 6 additional wells.
Bradley Wilson, CEO states, "It is with great enthusiasm and excitement that I can report to our shareholders, that EyeCity.Com, Inc. ("ICTY") is now a Natural Resource Company with its primary focus on Energy and Mining Sectors, more specifically oil and gas and mining of precious metal mineral deposits. Our decision to expand operations from mining to include oil and gas was driven by opportunities presented to ICTY and the consistent recurring revenue stream created from oil wells. Consistent monthly cash flow will allow us to build ICTY and attract key management necessary for long term success."
The acquisition of 3 oil wells in Cobb County, Texas with an option on another 6 wells is the first in a series of transactions that the company has been exploring. These wells are currently under producing to their ultimate potential, and the immediate focus is to conduct a work over and stimulation program to increase oil production. Initial production is conservatively projected at 3-4 BBL/day per well with an expected increase to 5-6 BBL\day per well.
The company is presently developing a new Website www.EyeCityResourcegroup.com which will provide more detailed information on the properties, Management, Vision of the company.Over the course of the next 2 weeks ICTY will be Releasing details of the Acquisitions as well as management and Board Member additions. This will include updates on the planned completion of our African mining initiatives. "I would like to acknowledge our deep appreciation for the patience and confidence that our valued shareholders have endured, and looking forward to the benefit from immediate acquisitions as well as the road to a bright and exciting future," CEO Wilson added.