Primary Capital Ltd.

  • WKN: A1J4WD
  • ISIN: BMG7242E1057
  • Land: Kanada

Nachricht vom 09.03.2011 | 15:30

First Pacific Oil and Gas Company Ltd.: First Pacific Oil and Gas Advises on Current Crude Oil Prices


First Pacific Oil and Gas Company Ltd. / Key word(s): Miscellaneous

09.03.2011 / 15:30

First Pacific Oil and Gas Advises on Current Crude Oil Prices

Toronto, Canada - (For immediate release) - March 9, 2011

First Pacific Oil and Gas Company Ltd. (First Pacific): Deutsche Börse symbol: C2G (www.pacificgasoil.com) advises that rising oil prices can provide additional impetus in its endeavors to obtain a contract for exploration of the Company's Galoc Oil Field (Galoc) project.

With crude oil prices reaching 28 month highs in recent days, the Company believes there will be greater incentives for the Philippine Department of Energy (DOE) to encourage expanded exploration and development of its domestic reserves. The price of Brent crude oil has traded from a low of USD $68.01 - USD $105.79 in the last 52 weeks. With forecasts for continued increases in the crude oil market, a target of $121 for the upcoming year would seem reasonable.

In recent years, the discovery and development of oil and gas resources have held the promise of reducing the country's reliance on imported fuel, as well as becoming a valuable natural resource to exploit and provide an important financial engine for the economy.

Current prices for crude oil can be found at www.oil-price.net/index.php?lang=en.

About First Pacific:

First Pacific Oil and Gas is a resource based company actively engaged in early exploration stage oil and gas projects based in the Philippines. It is seeking to acquire licenses to develop projects in key regions in proximity to proven properties and to subsequently negotiate development deals with funding partners from Asian countries such as China.

Disclaimer & Safe Harbor Statement:

This release may contain certain 'forward-looking statements' with respect to certain of First Pacific Oil and Gas Company Ltd.'s plans, goals and expectations regarding its future financial condition, performance, results, strategy and objectives. Words such as 'anticipates', 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'may', 'could', 'would', 'might', 'will' and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objections, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements in this press release are not promises or guarantees of future performance and are subject to risks and uncertainties that could cause First Pacific Oil and Gas Company Ltd.'s actual results to differ materially from those anticipated. First Pacific Oil and Gas Company Ltd. cautions the reader not to place undue reliance upon any such forward-looking statements. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed herein as well as the following: (i) domestic and global economic and business conditions; (ii) market related risks and the performance of financial markets generally; (iii) the policies and actions of regulatory authorities; (iv) the impact of competitive factors; (v) risks and uncertainties associated with future acquisitions or combinations within relevant industries; and (vi) changes in capital, solvency or accounting standards as well as tax and other relevant legislation or regulations in the jurisdictions in which First Pacific Oil and Gas Company Ltd. operates. The actual results that First Pacific Oil and Gas Company Ltd. achieves may differ materially from any forward-looking statements which are based on management's beliefs and opinions at the time the statements are made. First Pacific Oil and Gas Company Ltd. does not undertake any obligation to update forward-looking statements should circumstances or management's beliefs or opinions change.


For further information please contact:

First Pacific Oil and Gas Company Ltd.
World Exchange Plaza
S-1150
45 O'Connor Street
Ottawa, ON
K1P 1A4

Email: info@ pacificgasoil.com



End of Corporate News


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114970  09.03.2011

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