Westmont Resources Directs Accounting Firm to Perform Audit on 92 Well Acquisition in the Chattanooga Basin; Westmont's Management Currently Estimates the Potential and Probable Reserves Associated With This Acquisition to be Valued in Excess of $200 Million
SEATTLE, July 29 /PRNewswire-FirstCall/ -- Westmont Resources, Inc. (OTC Bulletin Board: WMNS) ("Westmont"), is pleased to announce it is directing its auditors, Malone & Bailey (M&B) of Houston Texas, to perform an audit of Westmont's previously announced acquisition of 92 oil and gas wells in the Chattanooga Basin. Westmont's management currently estimates the potential and probable reserves associated with this acquisition to be valued in excess of $200 million.
Westmont is focused on "wringing value from" long-lived, low risk natural gas and oil properties. Currently the company's efforts are primarily in the emerging Marcellus and Chattanooga Shale Plays in the Appalachian Basin and in the vicinity of other major oil company discovery wells. "Our current operations are centered on taking existing properties from others and creating more value from them for our shareholders. We specialize in applying cutting-edge technology to squeeze more oil out of mature basins. Its our core competence," said Westmont's incoming President, Glenn McQuiston
Malone & Bailey, based in Houston, is one of the most experienced public accounting firms in the oil & gas sector and has extensive experience and expertise with publicly traded companies. The firm is registered with the Public Company Accounting Oversight Board and is an independent member firm associated TIAG and MSNA.
The firm will perform their work under the direction of Marcie Corbin, Westmont's Vice President for Corporate Development and Finance. "Both Marcie and I are very happy to have an experienced and very qualified firm to complete the audit of our acquisition of 92 wells in the Marcellus/Chattanooga shale basin," said Mr. McQuiston. "We look forward to moving forward with our business integration and planned growth strategy of acquiring additional wells after timely completion of this work.
Ms. Corbin added: "An important component is the audit by Malone & Bailey which will include this transaction and enable us to account for the significant reserves which the management expect to be valued in excess of $200 million."
About Westmont Resources
Westmont Resources is an independent natural resource and development company headquartered in Bellevue, Washington, with principal operations in the United State. Westmont's business model emphasizes the acquisition and operation of existing producing assets, in the oil and gas industry. As new technologies expand both the exploration possibilities and production of oil and gas in the face of ever-rising demand, obtaining peak efficiency and production from existing aging wells becomes increasingly profitable. Westmont Resources is committed to significant growth as it pursues its strategy to combine and consolidate assets and companies in the oil and natural gas production and services sectors. For more information about Westmont Resources Inc, visit the company's website at www.westmontresources.com
Safe Harbor Statement
This press release contains forward-looking statements regarding Westmont Resources Inc. within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting Westmont Resources Inc. Forward-looking statements speak only as of the date on which they are made and Westmont Resources Inc undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
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SOURCE Westmont Resources Inc.
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