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HINTO ENERGY, INC. ANNOUNCES ACQUISITION OF ASSETS IN THE
UINTAH BASIN
June 7, 2012 7:00 AM ET
HINTO ENERGY, INC. (OTCQB: HENI) (OTCBB: HENI) announced that the Company has
completed the acquisition of certain oil and gas wells and related assets owned
by Pacific Energy and Mining Company in the Greater Cisco Area of the Uintah
Basin of Grand County, Utah. The acquisition was effective June 1, 2012.
The assets acquired include 4,783 gross acres in the Cisco Springs Fields with a
net revenue interest (NRI) averaging approximately 80%. The property includes 27
wells that need to be produced or re-worked. Some wells are currently scheduled
for connection to a gas pipeline. There are several drilling locations that are
prospects for offset wells. The Company acquired these assets using a
combination of its convertible notes payable and cash. The assets are currently
producing between 5-15 barrels of oil per day. When gas wells are connected to
pipeline and brought on-line, additional production of approximately 200,000
cubic feet of gas per day is expected, which should result in a significant
increase in revenues.
George Harris, the Company's Chief Financial Officer, said, "We are pleased to
add the Company's second oil and gas property in the Uintah Basin area. We are
currently connecting gas wells to a pipeline and expect to report initial oil
and gas revenues this quarter. The Company expects to finalize its field
redevelopment plan in June and begin implementation in the third quarter of
2012."
Hinto Energy, Inc. engages in the exploration, acquisition, and development of
oil and gas properties. The company was formerly known as Garner Investments,
Inc. and changed its name to Hinto Energy, Inc. in September 2011. The company
was founded in 2011 and is based in Arvada, Colorado.
Notice Regarding Forward-Looking Statements
This press release may contain certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned
that such forward-looking statements involve risks and uncertainties, which
include among others, the inherent uncertainties associated with petroleum
exploration and development stage exploration companies including without
limitation, other risks detailed from time to time in the Company's periodic
reports filed with the Securities and Exchange Commission