Sunergy Updates Petroleum Supply Efforts in Ghana, West Africa
Press Release Source: Sunergy Inc. On Wednesday April 7, 2010, 7:36 am EDT
SCOTTSDALE, AZ--(Marketwire - 04/07/10) - Sunergy, Inc (the
- News) reports that further to its Press Release, dated March 16, 2010, announcing that the Company has formed a strategic alliance with a Global Petroleum trader and supplier for petroleum sales in Ghana, that substantial progress has been made to secure a contract to supply1,000,000 barrels of crude oil per month to the local refinery. The proposed contract contemplates an initial term of 24 months, resulting in 24,000,000 barrels of crude oil to be delivered over the initial term. The second stage of discussion is the installation of some 3,000,000 barrels of crude oil and other petroleum product storage at the refinery location.
About Ghana Petroleum: Since 33.1 billion barrels of proven offshore oil was discovered last year in the Gulf of Guinea off Ghana's coast, there has been a flurry of activity between Exxon and the Chinese, to name a few majors in vying for position in the famous Jubilee field. The Ghanaian government's purported share of the discovery is 3.31 billion barrels (10%) over the next several years. Sunergy and our Partner offer a direct connection with expertise the financial ability to assist in the management and marketing of this petroleum over the next several years. This niche business represents substantial potential cash flow with little or no capital risk on our part.
About Sunergy: The Company is an aggressive junior mining exploration and development Company that is production oriented at the earliest possible profitable opportunity. We control 100% of the 150 Sq. Km. Nyinahin mining concession with a full prospecting license. The concession is surrounded by several operating mines and is adjacent to Newmont Mining's property. This concession has the Offin River flowing through our eastern portion and there are numerous artisan pits ready for testing and evaluation for near term production. The Offin River is known for good alluvial gold production. The Company is also involved in facilitating petroleum supplies to Ghana through its affiliation and strategic alliance with a Global Petroleum Trading and Supply company and plans to expand its petroleum influence.
Further information is available on the Company's website www.sunergygold.com
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin Mining Concession.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.