LEVITTOWN, NY -- (Marketwired) -- 07/02/13 -- Far Vista Petroleum Corp (OTC Pink: FVSTA) is pleased to announce that it has completed the acquisition of CJSC Chedty Neft by which it acquired all its outstanding shares.
Chedty Neft is an oil producer with proven oil reserves in the Federation of Russia. Its oil field is situated in the Chedtyiskoye Field in the Timan Pechora Region of Russia. The Company has proved developed reserves of 1,584,000,000 barrels and its proven undeveloped reserves exceed 4,000,000,000 barrels of oil.
Maxim Sushchenko, President of Far Vista, states, "Following our recent activities in the oil industry, we are very excited to have succeeded in this acquisition, which positions us as an oil producer with strong proven reserves and drilling equipment. The probable and possible reserves shall be examined thoroughly and announced to our shareholders in the next few weeks. It is a strong entry into the oil industry and, because of this project, additional opportunities have manifested themselves."
The Company recently changed its name from Far Vista Interactive Corp to Far Vista Petroleum Corp with a new CUSIP number but with the same trading symbol.
About Far Vista Interactive Corp
Far Vista Petroleum Corp has two business objectives.
It is interacting with Russian operators in the oil/gas industry with the goal of building a strong vertically integrated petroleum company based on opportunities available in the Russian Federation. This will be accomplished through acquisitions of interests to develop crude oil sites with proven reserves by means of equity investment or joint ventures in oil/gas operations. Its first acquisition is that of CJSC Chedty Neft.
Since its inception, it has been active in the development, distribution, marketing and sale of video game software as well as in its in-house development of online active video games. It develops online active video games for the PC, Microsoft Xbox 360, Sony PlayStation consoles, and online game community making video games more appealing to First Person Shooter ("FPS") types of gamers and non-gamers alike. It also has the worldwide right and license to the Trademarks and the System in connection with the operation of "Run The Gauntlet."
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 that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include the fluctuations in the price of gold and in the event of severe weather conditions. These forward-looking statements are made as of the date of this news release, and the Company assumes 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 the Company believes that any 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.
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