Indigo-Energy, Inc. Announces Signing of $624 Million Letter of Intent
Indigo-Energy, Inc. (OTCBB:IDGG) is pleased to announce that the Company has signed a Letter of Intent (LOI) with International Financial Corporation, LLC (IFC) to form Rivers West Energy, LLC. Under the terms of the LOI, IFC has agreed to provide the newly-formed Company, upon the execution of a definitive agreement, with funds in the total amount of $624,000,000. Upon the successful execution of the agreement, Indigo Energy will retain 60% ownership of Rivers West Energy, with IFC owning the remainder.
Rivers West Energy plans to use the funds to purchase oil and gas leases comprising of approximately 106,000 acres located in southern Illinois, southwestern Indiana and western and west central Kentucky, and to build the infrastructure needed to properly develop the natural resources located within the region where the Company currently holds leases and options.
Steve Durdin, CEO and President of Indigo-Energy, Inc., said “Today’s announcement is a monumental step in the right direction for the Company – from both a strategic and financial perspective. Securing this capital would not only allow us to fully execute on our current growth initiatives, but would also provide us with a foundation for long-term success.
“We believe the future for Indigo is bright – as we envision an organization that is at the forefront of innovation and one that is a leading developer of domestic energy resources. This investment will allow us to fully develop our vision of an all-encompassing business model – one that includes drilling, production and infrastructure development all under one roof.”
This undertaking comes at a unique time in the energy sector with record-high prices and encouraging projections for future demand. The newly created entity, Rivers West, will seek to leverage these factors as it begins executing an aggressive business strategy over the coming months.
Rivers West Energy anticipates receiving an initial phase of funding in the coming weeks. To view the complete details of the non-binding Letter of Intent along with an actual copy of the document, please go to the following link to view the entire 8-K filing: http://biz.yahoo.com/e/080429/idgg.ob8-k.html.
About Indigo-Energy, Inc.:
Indigo-Energy Inc. is an independent Nevada energy company, engaged in the drilling, development, production and acquisition of certain oil and gas reserves located in the Upper Devonian sand formations in Kentucky, Pennsylvania, and West Virginia. This involves drilling of developmental oil and gas wells at the different program sites on proven reserves. It also includes the purchase of producing oil and gas wells, and existing oil and gas leasehold interests.
Safe Harbor: Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties, and events that may be beyond the control of Indigo-Energy, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to successfully complete drill projects, adapt to changes in technology, and energy competition.
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Contact:
For Indigo-Energy, Inc., Henderson
Investor Relations:
Big Apple Consulting
Bob Deakin, 1-866-THE APPL(E)
www.indigo-energy.com
