The wholly owned subsidiary of CGrowth Capital Inc (OTCMKTS:CGRA), Powder River Resources, has successfully completed the drilling to total depth of the Tolero 69-1 well located in the state of Wyoming. In the next couple of weeks the well will be tested to determine the amount of hydrocarbon resources contained therein.
“The entire crew is ecstatic about getting to Total Depth … I cannot provide enough praise for both our internal team and the subcontractors for their perseverance and professionalism in completing this critical phase of the project,” said the chief executive officer of CGrowth Capital, Inc., Bill Wright.
The CEO of CGrowth Capital also disclosed that the firm had identified other drilling locations. According to Wright the firm was also working towards increasing funding in order to expand the current programs and this will lead to more business opportunities as well as increased corporate diversity. In the next two year CGrowth Capital has set a goal of a market uplisting.
Since 2015 there have been no shares issued by CGrowth Capital and the firm intends to develop its business plan in the absence of a stock issuance. The company is currently planning a bond offering in the U.K. where it intends to raising 45 million sterling pounds. CGrowth Capital is also planning a bond that is shariah-compliant and this has been on the request of the company’s networks in Asia and especially Malaysia.
In the state of Wyoming where Powder River Resources recently successfully drilled the Tolero 69-1 well there has been heightened activity in the oil and gas sector. A project consisting of 5,000 wells has for instance been recently proposed in Central Wyoming in an area covering approximately 1.5 million acres.
Drilling is expected to take place in the course of a decade with the lifespan of each well expected to be 30 years per a Bureau of Land Management’s environmental study. Over 8,000 jobs are expected to be generated by the project.
In Thursday’s trading session shares of CGrowth Capital Inc fell by 6.57% to close the day at $0.0092 per share.