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Sebastian River Holdings, Inc. (OTC:SBRH), and Drake Gold Resources Inc (OTC:DKGR) are pleased to announce that their Lease Operator, Chris Repasky, has partially completed the road clearance initiatives that will allow for direct access to the companies' wells in Western Pennsylvania.
Repasky states that, "Because of the massive acreage on this particular lease, drilling here will be economically viable with attractive results anticipated." Some of the wells have been previously plugged and others will have water issues that will require a water swell. Repasky is currently assessing the wells as to which ones will be optimal to drill first. As previously stated, some capital has been provided by Sebastian River Holdings, and Drake Gold Resources will begin providing capital once its Myers lease has been completely reworked, which is expected in Q1 2013, weather-permitting.
Director, Peter Matousek, states, "Chris Repasky has been professional and done a great job of reworking the wells on the Myers lease. The Master lease should proceed smoothly since the warmer months are near. More updates on this endeavor will be released in the coming weeks as the Joint Venture partners estimate that close to a dozen wells will be up and running by summer."
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.