GREAT FALLS, Mont.--()--Eco-Trade Corp. (OTCQB:BOPT), announced today that it has begun negotiations with a private group to purchase certain oil and gas assets in the Montana Bakken Formation.
The Bakken Shale formation is a rich oil and natural gas play located within the Williston Basin that extends for 200,000 square miles, covering parts of Montana, North Dakota, and Saskatchewan. Montana's Elm Coulee Oil Field, located in Richland County, is the site of the greatest Bakken Shale oil production.
The most recent find in the Bakken Shale region is the Three Forks Formation, which underlies the Bakken Zone and is separated by the Sanish Formation. The U.S. Department of Energy estimates the production from the Bakken/Three Forks formations to grow from 350,000 barrels per day to 700,000 barrels per day in the next 4 to 7 years (SOURCE: DOE).
While management believes that these discussions may conclude successfully with an agreement, there can be no guarantee of success.
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on 2012-09-06, as well as the information contained in this release, when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site: