2006-04-20 16:19 ET - News Release
HOUSTON -- (Business Wire) -- April 20, 2006
Greater Sooner Holding, Inc., (OTC:GSNH) announced today
that the Company has satisfied a portion of its Letter of Intent (LOI)
terms through delivery of the cash portion due to an investor group
that had provided the financing to the current operator for lease
assignments in the Clayton Field, Live Oak County, Texas.
The Company has also satisfied the stock delivery terms contained
in the LOI by issuing stock from the Company\'s treasury to each
investor group in the original Clayton Field investment. The investor
groups sold their lease assignments and working interest in the
Clayton Field assets to Kenne Exploration, the current operator of the
Clayton field. The LOI between Greater Sooner Holdings and Kenne
Exploration calls for the acquisition of those lease assignments from
Kenne Exploration.
"We are pleased at the progress and pace of our financing
activities and are committed to completing the transaction at the
earliest possible date," said Russell F. Krauss, CEO of GSNH.
About Greater Sooner Holding, Inc.
Greater Sooner Holding, Inc. is a crude oil and natural gas
exploration and production company with operations in Houston, Texas.
The Company executes a repeatable business model to generate cash flow
by reworking existing operating wells with proven reserves and using
the proceeds to drill new and deeper wells in the target project area.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, the potential for additional customer growth
from acquired operations and additional opportunities for growth.
There are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including: general economic business conditions,
unfavorable weather conditions, the success of certain cost
containment initiatives, changes in regulations or regulatory
treatment, availability and the cost of capital, the success of growth
initiatives, and other factors discussed in our filings with the
Securities and Exchange Commissions. Additionally, this release may
not be considered as legal, accounting, or investment advice, and is
not, and may not be considered, a solicitation for the purchase of any
securities issued by Greater Sooner Holding, Inc.
Contacts:
LC Group
Rick Lutz, 404-261-1196
lcgroup@mindspring.com
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