Las Vegas, NV, January 06, 2017 --(PR.com
)-- Zyrox Mining International Inc (OTC: ZYRX) is pleased to announce that its Board and largest investors have entirely replaced the old management and have begun to enact a long-term growth strategy. In addition to mining activity the Company is adding oil and gas holdings and considering the acquisition of a long-time coal producer in West Virginia. This month Zyrox has acquired multiple oil and gas leases in the Texas Panhandle that currently have about 18 wells and 2 salt water disposal wells. The wells sit within the oil leg Houghton play, which is the largest contiguous gas field in North America. Each well is expected to produce 1-3 barrels of oil per day and possibly more with secondary recovery methods. Each of the wells has an internal estimate of approximately 6000 barrels of oil equivalent (boe) recoverable for about $5,000,000 of reserves at $51 oil. The Company is also in negotiation for a North American heavy oil project to add to its holdings.
As part of the Company’s strategy, management has approved a warrant issuance and rights offering for existing shareholders. The details of this issuance will be announced over the next few days and it is anticipated to complete in the month of January 2017. The warrants are part of a package to add value for existing shareholders and allow them to participate in the future of Zyrox.
Zyrox Mining International Inc. is a natural resource company. Originally focused on precious metals the Company has expanded its portfolio to include oil and gas holdings and related services. Zyrox seeks distressed asset opportunities throughout North America.
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results of the specific items described in this release, and the company's operations generally, to differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's need for additional financing, which is not assured and which may result in dilution of shareholders, the company's status as a small company with a limited operating history, dependence on third parties, general market and economic conditions, technical factors, receipt of revenues, and other factors, many of which are beyond the control of the company. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of such statements, and we disclaim any obligation to update information contained in any forward-looking statement.