DENVER, CO, Jan. 31 /CNW/ - Heartland Oil and Gas Corp. (OTCBB: HOGC.OB,
the "Company") today announced that its Board of Directors has approved a
resolution to evaluate strategic alternatives to maximize value for the
Company's investors. Such alternatives would include, but are not limited to,
additional equity or debt, mergers, acquisitions, or divestitures of all or
part of the Company.
The Company has engaged Dallas-based Energy Capital Solutions LP ("ECS",
www.energycapitalsolutions.com) as its financial advisor to assist the Company
in identifying and analyzing various alternatives.
The Company also stated that it does not expect to disclose developments
with respect to the exploration of strategic alternatives unless and until its
Board of Directors has approved a definitive transaction. There can be no
assurance that any transaction will occur or, if a transaction is undertaken,
its terms or timing.
About Heartland Oil and Gas Corp.
Heartland Oil and gas Corporation is engaged in the exploration,
development and acquisition of oil and natural gas. The Company's primary
focus is on developing its nearly 100,000 acres in eastern Kansas, where the
company has established an extensive shallow coal bed methane and shale gas
project on the Bourbon Arch in Miami and Linn counties. Since February of
2006, the Company has been selling approximately 250 thousand cubic feet of
gas per day (Mcfgpd) through its wholly owned gas processing plant and
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect," "plan," "should" or similar expressions.
These statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not limited to, the
inability of the Company consummate a strategic transaction, the inability of
the Company to repay its senior secured lenders on or before March 30, 2007,
operating risks, delays and problems, the availability of drilling rigs and
services on acceptable terms, the results of drilling and completions,
decreases in the prices of oil and gas, an increase in competition for
oilfield services, expected and unexpected declines in oil and gas production,
unexpected negative geological variances, increases in interest rates,
liquidity and capital requirements, the availability of capital on acceptable
terms, and other risks described under "Risk Factors" in the Company's 2005
Annual Report on Form 10-K and in the Company's periodic reports filed with
the Securities and Exchange Commission.
For further information:
For further information: Philip Winner, Chief Executive Officer,
Heartland Oil and Gas, (303) 405-8450