LAS VEGAS, NV -- (Marketwire) -- 04/11/12 -- Northumberland Resources, Inc. (OTCBB: NHUR), is pleased to announce it has received the first tranche of $500,000 of a $3,000,000 financing commitment from an International Institutional Investor based in Dubai.
The funds will be used to expand the current oil production on its current leases and acquire additional proven producing properties. The Company will also be participating in new production drilling.
Oil Lease Acquisitions and Expansion
Northumberland has acquired a 30% interest of a 100% working interest in a 1,000 acre parcel of 10 wells situated on six historically proven oil producing leases. Of the ten wells, the Holt well is a Salt Water Disposal well and the other nine were producing wells. The Company plans to bring three of the 10 wells online later in 2012 that will add to our daily production number. A drill program on the Carver Well is scheduled for the second quarter of 2012.
2011 Financing Activities
In 2011 the Company raised over $1.2 million dollars in cash from sales of its securities in private offerings. These funds have been used to expand operations and acquire additional oil leases.
About Northumberland Resources
Northumberland Resources is a highly focused, risk-averse oil and gas exploration company with a strategy of building a substantial portfolio of oil and gas assets in the onshore U.S. Northumberland Resources is a reporting company quoted on the OTCBB under the symbol NHUR. Additional data on the Company is available through its website northumberlandresources.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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