SAN DIEGO, Jan. 02, 2018 (GLOBE NEWSWIRE/KOREA IT TIMES) -- Ziyen Energy, a division of Ziyen Inc. continues success as the company wins its third oil contract in the Illinois basin in Indiana. The “Big Bill” lease sits on over 140 acres of land in Gibson County, Indiana.
Alastair Caithness, CEO, said:
“It’s great to start the year by winning our third oil contract for the company. The Big Bill lease has the potential to deliver oil equivalent or more to our first lease. It could potentially contain more than 500,000+ barrels of crude oil reserves contributing to the company goal of acquiring US$500 million in oil reserves in 2018. Our Petroleum Reservoir Engineers will be providing a detailed report in the coming weeks on the exact reserves.”
In 2017, Ziyen Energy acquired two oil leases, one of which contains probable and proven oil reserves that are estimated in excess of US$36 million dollars. Oil samples and geological reports have been carried out and Ziyen Energy plans to begin oil production in the summer of 2018.
“The Illinois Basin was once the third biggest oil producing region in America, and is the current focus of the company to operate in the Midwest. Creating partnerships with the farmers who own the land is key for Ziyen. Bill Ross has farmed the land for over 60 years, he has nurtured the land and still works every day farming crops. We understand this coming from the rural communities in Scotland, and it’s important to show respect for the farmers by operating environmental techniques to provide minimal disruption to the land they operate on a daily basis.”
About Ziyen Inc.
Founded in 2016, Ziyen Inc. is a Scottish-American company developing cutting edge procurement software to provide clients with industry specific government and private contracts via procurement portals. In 2017, Ziyen diversified, instating the Ziyen Energy Division, with intent to produce oil in the U.S. with advanced extraction methods and technology implemented and guided by career experts in the oil and gas industry. In June 2017, Ziyen acquired the mineral rights to its first oil field in Indiana, and now has two assets. The U.S. Securities and Exchange Commission (SEC) recently qualified Ziyen Inc. in November 2017 for our second round of funding, with a pre-IPO share price of $1.50. More information may be found in its Offering Circular filed with the SEC, or on their website www.ziyen.com
About Granite PR
Founded in 2008, Aberdeen-based Granite PR offers the full spectrum of PR services with an emphasis on the energy, technology, hospitality, food and drink, professional services and healthcare sectors. The company has developed strong links in domestic and overseas markets, particularly the US and Scandinavia, and these have been enhanced by Granite PR’s Gateway series of business events which encourage trade between key locations. For more information visit www.granitepr.co.uk
Forward Looking Statements:
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company's periodic reports filed with the SEC- specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.