Toronto, ON – February 10, 2014 - Tashota Resources Inc. (“TRI”) is pleased to announce the incorporation of a wholly owned subsidiary named Parklane Energy Corp. (“PEC”). PEC will act as the General Partner in Parklane Energy Master LP (“PEMLP”) to be established for the purpose of acquiring and/or participating in the development of known and probable oil & gas reserves held by junior public, as well as private, companies in Western Canada and other jurisdictions, including the United States.
Due to current financial market conditions, many junior public companies in the oil & gas sector have been unwilling to raise new investment funds at current stock prices despite holding substantial assets of known and probable reserves. To address their on-going capital requirements, rather than suspending operations, many juniors are now turning to joint ventures in the private marketplace to maintain and develop their properties.
TRI views this situation as a substantial opportunity for private investors to participate in a segment of the market normally reserved for large oil companies. Consequently, it formed PEC and PEMLP, which will start offering limited partnership units to qualified investors in the coming weeks under appropriate securities documentation.
PEC has identified several joint venture partnership opportunities with junior companies already in production, and has initiated discussions with a junior public company to jointly capitalize up to seven wells, at a cost of approximately $9,800,000. Effectively, funds raised and invested in PEMLP will be put to work immediately with an expectation of generating income in the near term.
This strategy of expanding into oil & gas will also directly benefit TRI, as it plans to utilize the sustainable cash flow it generates from PEC to enhance its on-going gold and copper mineral exploration activities in northwestern Ontario and to finance the acquisition of other prospective exploration properties it is presently considering for its portfolio.
This news release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of TLCX and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Due to the inherent risks associated with such forward-looking statements, undue reliance should not be placed on them. In addition, all forward-looking statements in this email are given as of the date hereof. TRI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
