LAKE MARY, Fla., Dec. 13, 2012 /PRNewswire/ -- EyeCity.com, Inc. (Pink Sheets: ICTY.PK) announces today its initiative to acquire under performing oil and gas wells in the Turner Valley located in Alberta, Canada. EyeCity.com, Inc.'s ("ICTY") management team is executing on their strategy to target underexploited oil and gas producing assets within proven oil field systems to create turnkey production and revenue models.
ICTY has optioned lands with multiple wells in the Turner Valley oil field system and is in the final stages of negotiations for the acquisition of oil and gas production working interests located in the Turner Valley area of Southwestern, Alberta, Canada. As previously disclosed in the news release dated November 15, 2012, ICTY's management is focusing its business efforts on acquiring underexploited oil and gas assets within proven fields in North America.
The Turner Valley oil and gas field has been producing oil and gas since 1914 and was the first oil and gas field developed in Canada; it also has been one of its most productive regions. The main oil and gas operators in the area include Devon Canada, ConocoPhillips Canada, Shell Oil and Legacy Oil and Gas. The lands being evaluated by the company are adjacent to the main Turner Valley Rundle pool in an unexploited oil accumulation called the KEW structure which is believed to be a faulted out slice of the main Turner Valley oil system.
ICTY's management believes that the Turner Valley area meets their requirements for an initial turnkey property and a significant future opportunity to be exploited for the company. Chapman Petroleum Engineering Ltd. completed an engineering evaluation study of the average oil recovery data from one section area of the Turner Valley Rundle field which data indicated an average oil recovery of 5.7 million STB ("stock tank barrel"). Chapman Petroleum Engineering Ltd has assigned resources on areas being evaluated by the Company ranging from 2.9 million STB (lower case) to 8.7 million STB (high case) with the most likely oil recovery being 4.8 million STB over the 640 acre field.
Mr. Bradley Wilson, CEO of ICTY, stated "We have been in discussion and negotiations for several months now and are in the final stages of the acquisition; this brings the promise of near term production, exploration and development prospects in the Turner Valley area. The oil and gas wells and properties being evaluated show the near term production potential of 75 barrels of oil per day and significant additional prospective development resources".
About EyeCity.com, Inc.
EyeCity.com, Inc. is currently transitioning its business model towards a focus on natural resources. The primary focus in this sector is targeted towards oil and gas and the exploration and mining.
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FORWARD LOOKING STATEMENTS
Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual result and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, other than as required pursuant to applicable securities laws.
SOURCE EyeCity.com, Inc.
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