Tamarac, FL, November 16, 2005 --(PR.com
)-- Black Gold Gas & Oil, Inc. (NASDAQ OTC: BKGD.pk) today announced the signing of the agreement for the acquisition of CRISTAL S.R.L., an Argentinean land and timber company.
The acquisition of CRISTAL S.R.L. and the timber project is the first major project that Black Gold has brought into operation to date. The first tract is listed at 134,000 hectares of land with a land value of approximately $400 per hectare and more than $500 million of hardwoods. The woods include giant redwoods, white oak, pine and many other hardwoods that carry a wholesale value of well over $1 billion USD.
Black Gold has entered into discussions with several timber companies to begin contracting the cutting and processing of the timber. Black Gold is also making arrangements for contracting reseeding companies in order to replant and replenish the forestry.
Management reported that by the end of the first quarter 2006. Black Gold will begin contracting for the cutting and harvesting of the timber on its properties. Black Gold has made arrangements to acquire several additional extremely large tracts of land and forestry to increase its business. These tracts include the same type of land and wood as the original 134,000 hectares.
Black Gold Gas & Oil, Inc. is an independent natural resource company focused on the exploration and development of prolific oil and gas properties and valuable timberlands. The Company is expanding rapidly in these areas in addition to achieving substantial progress in supplying oilfield service, drilling equipment and international oil refining.
For more information:
Mike McGeeney, President
Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of Black Gold Gas & Oil, Inc. only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings; economic downturns affecting the operations of the Company, and the need for adequate financing to achieve the new strategic plans and to complete management's overall plans and objectives. Black Gold Gas & Oil, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting Black Gold Gas & Oil, Inc., reference is made to Black Gold Gas & Oil, Inc.‘s reports filed from time to time with the Securities and Exchange Commission.