LITTLETON, CO / ACCESSWIRE / November 16, 2016 / LOI TO ACQUIRE BRIDGECREEK RESOURCES, LLC:
Diversified Resources, Inc. (OTCQB: DDRI) has executed a Letter of Intent to acquire Bridgecreek Resources, LLC. This acquisition includes all mineral interest, production and proprietary data on approximately 16,000 acres on the Ute Mountain Ute Indian Reservation located in San Juan County, New Mexico. Bridgecreek's acreage is contiguous to the Company's existing 10,000 acre holdings with the Ute Mountain Ute Tribe. Terms were not disclosed and closing is dependent on the parties reaching a mutually acceptable Purchase and Sale Agreement by December 15, 2016, completion of due diligence, financing and regulatory approval.
DREXEL HAMILTON ENGAGEMENT:
Diversified Resources also announces the engagement of Drexel Hamilton as its exclusive financial advisor and placement agent. Drexel Hamilton, with offices throughout the country, has experience in corporate finance, financial advising, and leveraged finance, and maintains deep industry relationships and an extensive distribution network.
ABOUT DIVERSIFIED RESOURCES
Diversified Resources is an emerging independent oil and gas exploration, production and oilfield services company focused on the Denver-Julesburg Basin in Colorado and the San Juan Basin in New Mexico. In its upstream business, the Company has identified a balanced pipeline of low risk, high return, and proven undeveloped drilling locations that are direct offsets to existing production which should immediately accelerate the Company's production levels and operating cash flow. Earlier this year Diversified Resources acquired three oilfield services companies operating in the same regions as its existing oil and gas properties. Diversified's oilfield services businesses, Ultra Energy Solutions, Vinco Logistics and Champion Oilfield Services, offer well site services, pipeline construction, pressure testing, custom fabrications, environmental remediation, as well as various equipment rental and repair services.
ABOUT DREXEL HAMILTON
Drexel Hamilton, LLC is a New York-based full-service institutional broker-dealer focused on investment banking, capital markets, equities, corporate debt, government agencies, mortgages, and municipals. The firm was founded in 2007 on the principle of offering meaningful employment opportunities to disabled veterans desiring a career in financial services. With more than 100 professionals, including 43 military veterans, 23 of whom are service disabled, Drexel Hamilton has offices in Philadelphia, New York, Chicago, Jacksonville, Houston, Boston, Milwaukee, Lincoln, San Francisco and Detroit. For more information, please visit Drexel Hamilton's website at www.drexelhamilton.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, and plans and objectives of management for future operations and industry conditions, are forward-looking statements. These forward-looking statements are based on current expectations and assumptions concerning events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
CONTACTS
Paul Laird, President & CEO
Roger May, Investor Relations
303-797-5417 and 303-829-2888
plaird@diversifiedresourcesinc.com and rmay@diversifiedresourcesinc.com
SOURCE: Diversified Resources, Inc.
ReleaseID: 449163
