WILTON, CT -- (Marketwired) -- 08/27/13 -- Gold Coast Mining Corp. (OTC Pink: GDSM), is pleased to announce the formation of a separate division to house and pursue its investments in the oil space.
The new division will focus on acquiring oil field leases, and working interests in producing wells. These interests will be structured as joint ventures, similar to the Garfield project, where the division will partner with both public and private companies to exploit known oil reserves.
Additionally, the new division will seek to acquire an interest in a contractor, which will allow the Company to manage entire projects, and receive additional revenue streams from these operations. The Company has launched a search for contractors in oil producing areas, and anticipates such vertical integration will result in an increase of cash flow and return on capital.
Initial Oil Project Investment
As its initial investment, the Company secured a lease and working interest, through an existing large investor, Bubblin Crude LLC, for a 2% interest in the Garfield project, with an agreement to allow for an increase to 5% in the coming weeks.
The operator and developer is Tiger Development LLC, which is drilling a vertical depth well in Section 13-T25N-R6W, Garfield Twp., Kalkaska Co., Michigan, and is projected to produce 50-60 barrels a day once in full production. Last week, the completion rig was moved onto the site and additional details will follow shortly.
At a 5% interest, the project is expected to generate $5,000 to $6,000 in monthly cash flow, once in full production. The Company's goal is to increase the number of interests thus generating a sustained cash flow stream, and allow a path towards profitability.
Michael Shea, the CEO of Gold Coast Mining Corp commented, "Since coming on board earlier this summer, our strategy of acquiring oil interests that will provide significant cash flow remains intact. The challenge of cleaning up legacy issues such as past due debt, non-beneficial joint ventures, etc. are near complete, thus paving the way for a fresh start and creation of solid foundation. The Garfield project is the first of many, and we are excited about the prospect of being a vertically integrated oil services company."
Given some pending events and the upcoming holiday, the Conference Call scheduled for September 3rd has been moved to September 17th, all other details remain the same.
As of August 15, 2013, there were 2 billion shares authorized, of which 1,179,887,086 common shares were issued and outstanding.
ABOUT GOLD COAST MINING
Gold Coast Mining Corp. is a holding company with interests in the mining and energy sectors. The Company's goal is create a vertically integrated oil division under Black River Ventures and continue its diversification into other high growth industries. The primary goal is generate cash flow to sustain and grow profitability.
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Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
Gold Coast Mining Corp.
Phone: (203) 210-5614
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