Santa Ana, CA (PRWEB) October 15, 2005
Turan Petroleum, Inc. (OTC: TURP), an independent oil and gas exploration company, today announced that it has retained the law firm of Greenberg Traurig, LLP to provide legal services and advice related to Turan Petroleum’s operations. Turan Petroleum has also engaged a Canadian geological consulting firm, LIB Consultants, Ltd, and a Kazakhstan based geological consulting firm, TOO KazMunai GeoServices, (engaged directly by TOO Turan EnerPetroleum, Turan Petroleum’s wholly owned Kazakstan based subsidiary) to assist with ongoing analysis of existing geological studies, assure government compliance and provide for timely satisfaction of reporting requirements. TOO KazMunai GeoServices plans to conduct further geological studies, in an effort to develop Turan Petroleum’s ARYS concession, held through its Kazakhstan based subsidiary, TOO Turan EnerPetroleum.
The 8th largest law firm in the United States with over 1,400 attorneys worldwide, Greenberg Traurig, LLP, represents clients from all segments of oil and gas industries. Its clients range from independent producers and pipeline companies to major integrated companies, as well as foreign and domestic regulators and governments. LIB Consultants, Ltd. is a geological consulting firm headed by Dr. J.K. Lentin, an experienced geologist with substantial track record of success in Kazakhstan. Dr. Lentin has published in excess of 50 peer-reviewed scientific papers, books and monographs.
LIB Consultants, Ltd. works in the development of new oil companies in Russia, and Kazakhstan, and has evaluated numerous oil and gas companies for public offerings. LIB is engaged on international projects in the oil and gas industry, leading teams of geologists, geophysicists and engineers in evaluations. LIB has also provided courses to oil company specialists in the US, Canada, China, and has designed specialized training for staff and management within oil companies in the former Soviet Union.
Dr. Lentin obtained CIDA grants for training of Russian oil industry professionals in Canada and for development of management training for LUKOIL employees. LIB has also worked in the preparation of submissions for World Bank, IMF, EBRD, EximBank, and government of Canada project funding.
KazMunai GeoServices was engaged to provide analysis of geological studies performed from the beginning in 2001 through 2005. KazMunai Geo Services intends to work closely with Turan EnerPetroleum to provide and satisfy government reporting requirements, and work with in house geologists and Western consultants to advance the development of the ARYS concession. “KazMunai GeoServices possesses the requisite expertise to organize and evaluate our geological studies,” observes Yedil Kassymov, President of Turan EnerPetroleum. “We are effectively arranging a robust support system for our project,” further points out Kassymov. Turan Petroleum’s President, Tony Vanetik, states that, “we are rapidly building a strong, experienced team to drive the ARYS development.”
A wholly owned subsidiary of Turn Petroleum, Inc., TOO Turan EnerPetroleum is the licensee of the Government of Kazakhstan’s ARYS Concession (Contract # 753) for exploration of hydrocarbons. Turan’s ARYS site covers approximately 22,000 square kilometers in the Southern Kazakhstan’s Kizilordinskoy Region. Initial geological studies have been completed that show the potential of locating substantial amounts of recoverable oil and gas products inside the company’s Concession. The studies and initial exploratory drilling have proven the existence of substantial salt structures within the Concession.
A limited number of seismic lines have already identified numerous bright spots in association with the salt structures. The Company and its consultants believe these bright spots may be indicators of hydrocarbons. Turan Petroleum, Inc. intends to undertake further geological studies, conduct exploratory drilling and extract hydrocarbons from the ARYS site. The South-Kazakhstan Region, which is home to the company’s ARYS Concession, contains about 2 million people, and is situated along the famous Silk Road from Tashkent to Baku.
Turan Petroleum, Inc. is an oil and gas exploration company based in California. Through its wholly owned Kazakhstan subsidiary, TOO Turan EnerPetroleum, the Company is pursuing opportunities in new energy markets, focusing on acquisition and development of oil and gas properties in Eurasia, and other resource rich regions of the former Soviet Union.
Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Turan Petroleum, Inc. believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, as well as country and political risks, general market conditions, competition, oil and gas pricing, drilling programs and results. The forward-looking statements can be identified by the use of forward-looking terminology such as "may," "expect," "anticipate," "estimate," "continue," "believe" or other similar or similarly intended words. We have made forward-looking statements with respect to the following, among others: our goals and strategies; our ability to earn sufficient revenues to develop ARIS; our ability to continue as a going concern. Investors are cautioned that all forward-looking statements involve high risks and uncertainty, including without limitation, our limited operating history, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, fluctuations in commodity prices, inconsistent application, interpretation, and enforcement of applicable Kazakh government taxes, and Kazakhstan Excess Profits Tax, currency exchange losses if Tenge depreciates against US Dollar, country and political risks, including diplomatic and political relations between US and Kazakhstan, costs arising from environmental liability, uncertain costs of drilling (oil producing fields located adjacent to ARIS, are not an indication that our drilling or related efforts will be successful), inability to drill wells that produce commercial quantities of oil and natural gas, shut-ins of connected wells resulting from extreme weather conditions, insufficient storage or transportation capacity or other geological and mechanical conditions, general market conditions, competition, oil and gas pricing, drilling programs and results, our future capital needs, etc.
For further information contact Turan Petroleum, Inc. Corporate Communications via email at firstname.lastname@example.org
Tony Vanetik, Chairman & President
Robert Van Duren, CEO
3720 South Susan Street
Santa Ana, CA 92704
SOURCE: TURAN PETROLEUM, INC.
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