DGAP-News: Spectral Letter to Shareholders and Company Update
(firmenpresse) - DGAP-News: Spectral Capital Corporation / Key word(s): Miscellaneous
Spectral Letter to Shareholders and Company Update
09.05.2012 / 07:03
---------------------------------------------------------------------
Spectral Letter to Shareholders and Company Update
SEATTLE--(BUSINESS WIRE)-(9 May 2012) Spectral Capital Corporation,
(FCCN.QB) (F3SN:F) has released a Letter to Shareholders.
Dear Shareholders:
Spectral has made much progress over 2011 and the first quarter of 2012 and
is the strongest and most viable it has ever been. The company has
positioned itself to realize the goals that have been set as well as to
capture opportunities that could not have been possible 12 months ago. The
momentum we have created combined with our step-by-step goal achievement is
the driving force for our future success.
Cash flow, our near term goal, has begun with the company's most recent
acquisition in the Red Earth region of Alberta, Canada for the Shamrock oil
field, where Spectral owns 60%. There is currently one producing well on
the property and seven other permitted drilling locations, which we plan to
develop soon. We have recently announced that this current producing well
is in the top 1% of all vertical producing wells in the region and we are
very optimistic, as a result, for the future developments of the property
due to this outstanding production information. In addition to the oil
production capabilities, millions of dollars has been spent on the
property, prior to Spectral's acquisition, including the building of roads
and other associated infrastructure, which creates significant value on the
property.
The team we have formed to develop Shamrock is extremely qualified and we
believe to be the best team in the region. Our partners have operated more
than 160 wells and have over 17 years of industry experience in the Red
Earth and Slave Lake region. Past experience includes working for industry
leaders, such as Pennwest, Pinecrest, Baytex, Harvest, NAL and Lone Pine
(formerly Canadian Forest). They live in the area, are not outsiders, and
have extensive relationships with the native inhabitants of the region.
The Red Earth Region has received a surge in investment over the past 12
months from companies realizing the potential in this area. Land sale
prices have increased by over 500% in the last year and are still on the
rise. We are currently looking to expand our relationship with our Canadian
partners and have recently hired a petroleum geologist and land surveyor to
help us identify additional lands to purchase. We have also hired a
drilling consultant to help us determine the optimal plan for drilling on
the Shamrock property. Spectral is optimistic that development in the Red
Earth region can facilitate in the realization of our near and medium term
goals and can provide extraordinary benefits to the company and
shareholders.
As we have outlined in our previous communications, we are very keen on the
prospects for exploration and development in the CIS region to further the
company's goal achievements. The CIS area has some of the world's largest
untapped natural resources and these countries are eager for FDI (Foreign
Direct Investment) to facilitate the growth in their respective economies.
To that end, success in these countries is dependent on the relationships
developed in addition to identifying the type of opportunities in
exploration and development that Spectral is seeking. Spectral's team has
traveled extensively this past year in this region to further our vision of
obtaining rights and leases in oil and mining projects and to securing
partnerships with groups who have our same vision and philosophy.
In September we formed a partnership with a group with extensive ties to
the oil regions of Russia. These individuals have vast knowledge and
experience in working in oil fields as well as acquiring property in
Russia. Having a partnership, such as this, is immensely important for
long-term success in this region of the world. In order to avoid title
issues, we have formed a Special Purpose Vehicle (SPV) in which Spectral
owns 74% and where all assets we acquire will be held. We have analyzed
many potential acquisitions over the past 6 months with our team and have
also hired a team of advisors, with the intention of acquiring oil
properties to begin production over the near term.
In November Spectral met with the Board of Directors of Tau Ken Samruk, the
National Mining Company of Kazakhstan. A number of subsequent meetings have
taken place since November and we are working towards the steps necessary
to secure a project that is mutually beneficial. The projects being
discussed have huge upside potential and require a great deal of due
diligence and planning. We are hopeful that a definitive agreement can be
reached and we are working toward this solution.
In July we conveyed our interest in the Chita, Russia gold field back to
our counterparty. After contracting with SRK Consulting and discussions
with our counterparty we were able to dissolve this partnership without any
future repercussions. Our Kazakhstan gold mining project has great
potential. We successfully restructured our interest in the project in
December 2011, optimizing the structure for tax purposes and to avoid
problems with the transfer of title in the property to a Kazakhstani
special purpose vehicle formed for this purpose. While we still have the
ability to acquire 65% of this property in exchange for providing required
funding, we have successfully managed to extend the period of our
investment horizon, thus providing more time for environmental, title and
geological challenges on the property to be worked out. If these
difficulties can be resolved, we believe this project has exceptional
potential.
We look forward to the year ahead and to keeping you, our shareholders,
updated with our progress.
Sincerely yours,
Jenifer Osterwalder
President and CEO
About Spectral
Spectral Capital Corporation acquires and develops natural resources
projects worldwide. Spectral has a synergistic, balanced, mutually
reinforcing growth strategy focused in three areas: Near Term: Acquisition
of Cash Flow Producing Oil and Gas Properties; Medium Term: Development of
a Substantial, Producing Oil and Gas Asset Portfolio and Long-Term: Large
Scale Natural Resources Projects for Future Growth.
PRESS RELEASE FORWARD LOOKING STATEMENT: This press release contains
forward-looking statements (as defined in Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth and
business strategy. Words such as 'expects,' 'will,' 'intends,' 'plans,'
'believes,' 'anticipates,' 'hopes,' 'estimates,' and variations on such
words and similar expressions are intended to identify forward-looking
statements. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to have been correct. These
statements involve known and unknown risks and are based upon a number of
assumptions and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond the control of
the Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limitedto, changes in
the Company's business; competitive factors in the market(s) in which the
Company operates; risks associated with operations outside the United
States; and other factors listed from time to time in the Company's filings
with the Securities and Exchange Commission. The Company expressly
disclaims any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
Contact:
Spectral Capital Corporation
Jenifer Osterwalder
206-262-7820
contact(at)spectralcapital.com
End of Corporate News
---------------------------------------------------------------------
09.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
168654 09.05.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 09.05.2012 - 01:03 Uhr
Sprache: Deutsch
News-ID 1112152
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 105 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Spectral Letter to Shareholders and Company Update
"
steht unter der journalistisch-redaktionellen Verantwortung von
Spectral Capital Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
