CALGARY, AB--(Marketwire - Jul 16, 2012) - Fima Inc. (PINKSHEETS: FIMA) has entered into an agreement to purchase the Bellevue Oilfield Lease ("Bellevue Lease") from Canco Energy Corporation for a purchase price of Twenty Five Million Dollars to be satisfied by the issuance of Fima restricted common shares. Canco Energy Corporation ("Canco") is controlled by Mr. Sahota, the Director and President of Fima, and as such will become, through Canco, the majority shareholder of the company. Mr. Sahota was instrumental in this transaction, and will be leading the company forward.
Mr. Sahota, President of Fima, stated, "I am pleased that we have been able to conclude this asset purchase that will provide Fima with a solid base to which we can add more production quickly. We have over 100 drilling locations on this lease. The drilling will start within next 45 to 60 days."
Fima arrived at the value of the property through negotiations with Mr. Sahota and, in addition, has relied upon the review of engineering and reserve reports and the Independent Opinion Letter prepared by Mr. Kenneth W. Frazier, PE of Natural Gas Oil Engineering Inc. dated July 11th, 2012 which indicated proven oil reserves of over 3 million barrels. Excerpts from the Opinion Letter are as follows:
"I have examined the Canco Energy Corp Property in Bellevue Oil Field Bossier Parish, LA. Information provided by Mr. Lee Ward includes Reserve Report by Mr. Bob Petit and Dr. Myron Kuhlman. Mr. Petit's Report concerned 80 Acres located in the S/2 NE/4 of Section 15, Township 19 North, Range 11 West, Bossier Parish, LA., called the 12 Sand Unit. Dr. Kuhlman's Report concerned 80 Acres located in the N/2 of NE/4 of Section 16, Township 19 North, Range 11 West, Bossier Parish, J.A., called the 5 Sand Unit, and 40 Acres located in the SE/4 NE/4 of Section 16, Township 19 North, Range 11 West, Flossier Parish, LA called the 6 Sand Unit. Both Reports estimate about 3 million barrels of oil remaining in each property."
"The subject reservoir is in the Nacatoch formation at 350 feet to 400 feet depth. The natural pressure at that depth is less than 200psi. The oil in the Nacatoch is heavy and very viscous. Pressure does not exert enough force to sufficiently produce oil and gravity force to produce oil is inhibited by the viscosity of the oil. The history of the Bellevue Field is oil production utilizing in-site fire which reduces the viscosity of the oil and by injecting compressed air which increases the pressure energy. In-situ fire flooding in the Bellevue Field is one of the most successful processes in the oil industry. After looking at all reserve reports, well logs, core samples and production history of these leases, I have concluded that these two leases have over 3 Million barrels of oil in place."
The entire Opinion Letter will be made available through OTC Markets Group. The company is preparing a definitive purchase agreement, and the parties have indicated a closing date of July 31st, 2012.
Canco and Fima are actively engaged in discussions regarding the additional purchase of significant oil leases, and will provide shareholders with information if or as those discussions conclude.
The company presently trades on the Pink Sheets under the symbol FIMA. In light of the company's projects and future potential, the company is actively exploring the requirements for upgrading to an exchange or market that would more adequately reflect the size and scope of the company's proposed assets and operations.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," believe," "expect," "future," "may," will," "would," "should," "plan," projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Fima Inc. (the Company) to be materially different from those expressed or implied by such forward-looking statements.
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