CGrowth Capital, Inc. Provides Update on Bahamian Petroleum Project and Corporate Activity
December 15, 2021 at 01:00 pm EST
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CGrowth Capital, Inc. provided shareholder with an update on the Bahamian Petroleum Project previously announce in November. The Project includes the rights, title and interest in long-term leases of land situated within the Bahamas at the target site and necessary one-off project specific Government Permissions. The WBS Organization, a multinational business services organization specializing in funding, collateralization, and associated services, which holds the rights to the project and has executed a Letter of Intent with the Company, has mobilized their US and UK teams to the Bahamans to begin arranging for the necessary property amalgamations, organizational transfers, notifications, and permit transfers. The timing and extent of the permissions and transfers required are expected to extend the closing of the Letter of Intent into 2022. The Company is working concurrently on the necessary corporate actions to be poised for action heading into 2022 and in conjunction with the completion of the Project approvals. Those actions include the shifting and/or divesture of certain liabilities and assets, the filing of a Tier 1 Regulation A offering, and the commissioning of a 51-101 Competent Persons Report on the companys West Salt Creek oil assets in Wyoming. The new report is being made possible through the Companys newly announced business relationship with Stallion Energy Group. The Project is to encompasses further seismic research on a 3D basis in the Project zone, quantify oil availability and projected reserves, and set up infrastructure for the further extraction of oil, by incorporating potential in the Bahamas. The Project zone includes an area where Proton Magnetic Imaging was performed in 2018 which indicated oil reservoir shows under the target area in The Bahamas to be the same as that of the Venezuela Orinoco Oil Belt. The USGS 2012 petroleum assessment of the Bahamas Platform estimate total undiscovered resources at the P50 level of approximately 1,600 million barrels of oil, 2,000 BCFG and 126 million barrels of natural gas liquids. With successful advancements in exploration, production, and exporting of oil over multiple Caribbean Island the prospect of a successful Bahamian project is exciting.
CGrowth Capital, Inc. operates as a holding company for alternative and undervalued assets. The Companyâs primary objective is to generate returns for shareholders by identifying and investing in potential opportunities, that have the capacity to generate substantial profits over the long term. The Company is focused on disruptive sports technologies and building products and revenue streams within the sports sector. The Company also owns a portfolio of lithium tenements in Tanzania, namely the Nkole-Hombolo Lithium Project. The Project is located approximately 40 kilometers Northeast of the Tanzanian Capital Dodoma. The Nkole-Hombolo Lithium Project consists of over 17 prospecting licenses covering an area of approximately 435.3 square kilometers. Its subsidiaries include Savage Barbell Apparel LLC and CGrowth Mining Inc. Savage Barbell Apparel LLC is a functional fitness apparel manufacturer and distributor.