Oncolin (OTC: OCOL) announces that it has started the initial due diligence on its recently identified prospect located in Cameron Parish, Louisiana with a potential of 3,000,000 gross barrels of oil reserves and 30Bcf of natural gas reserves. This initial phase consists of a geological evaluation which will be conducted by industry experts that are familiar with this area of Louisiana. The company hopes to complete this phase of the evaluation in the near term and based upon a successful outcome will begin the lease acquisition phase.
The company has also determined that it will not proceed with the previously identified prospect that consisted of approximately 600 acres and twenty-three well bores located in Louisiana that was announced on March 12, 2009.
The company is continuing to build its prospect inventory and focus on developing or “rehabbing” fields that provide the best economics taking the current oil & gas prices into consideration and also the ability to procure the necessary leases. The company will prioritize the leasing and development of these fields after conducting field studies and securing the necessary funding to proceed.
About Oncolin
Headquartered in Houston, Texas, Oncolin is a publicly traded company that focuses on identifying, evaluating, developing and acquiring potential natural gas and oil wells while researching new methods of clean and renewable energy production. Oncolin will continue to manage its stake in Intertech Bio, a biopharmaceutical company that engages in the discovery, development and commercialization of novel selective anticancer therapies. Additional information about Oncolin can be found on the web at www.oncolinthera.com.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements and are based upon assumptions that management believes to be reasonable. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, without limitation, the success rate of exploration efforts and the timeliness of development activities, leasing of the target acreage, fluctuations in oil and gas prices, access to acquisition and development capital, and other risk factors described from time to time in the Company's reports filed with the SEC. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control. For additional information about Oncolin's future business and financial results, refer to Oncolin's Quarterly Reports on Form 10-QSB and Annual Report on Form 10-KSB and other reports, which are on file with the Securities and Exchange Commission. Oncolin undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.
Contacts:
Oncolin Therapeutics, Inc., Houston
J. Leonard Ivins, 713-402-6767
Investors@oncolinthera.com