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As of 8:10 PM 08/11/14 All times are local (Market data is delayed by at least 15 minutes). inc (ICTY) Snapshot

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No Related Businessweek News Found inc (ICTY) Details, Inc. engages in the acquisition of oil and gas properties. It holds interests in the three oil wells located in Cobb county, Texas. The company is also involved in the exploration and mining of precious metal mineral deposits. It has mining properties located in North America and West Africa. In addition, the company engages in the acquisition of companies that are targeted towards social networking and mass media., Inc. is based in Lake Mary, Florida. inc (ICTY) Top Compensated Officers

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Executives, Board Directors inc (ICTY) Key Developments, Inc. Announces Update of Strategic Planning for Additional Oil and Gas Well Acquisitions, Inc. announced that it has been the implementation of a Four Phase Program to enhance the company's value and generate revenue. Phase One: To facilitate acquisitions to build company growth and complete all regulatory filings to uplist to the OTC Current tier. This Phase was completed last week. Phase Two: To complete the first in a series of planned acquisitions of oil producing wells to create immediate recurring revenues for the company. This Phase was completed with the previously announced acquisition of 3 wells in Cobb, Texas. Phase Three is to bring in experienced management, operating officers and technical experts to complete additional acquisitions for increased revenue and long term growth of the company. Phase Four is to fulfill the requirements to become an SEC filer and uplist to the OTCQB tier within the next 6 to 9 months. The completion of filings for the company to be at the OTC Current tier and acquisition of the Cobb, Texas wells marked major milestones for ICTY. Cobb, Texas is located within Haskell County Texas, a significant crude oil producer in the United States. Oil production in Haskell County has grown from over 22,000 barrels per year in 1938 to over one million barrels per year in 1978, with aggregated production well over 100 million barrels. The US oil and gas exploration and production industry has combined annual revenue of about $290 billion. The company previously announced the acquisition of 3 wells, with an option for 6 additional wells; ICTY acquired 100% of the working interest and 75% of the net royalty interest in these wells. The planned stimulation program for these wells will be primarily "water flood injection into the formation". Therefore, production for these first 3 wells can be projected at approximately 10 BBL/day with a potential of 18 BBL/day. Based upon an average of 360 production days per year and an $85 Net Crude Sales Price per Barrel this equates to $306,000 (75% net royalty interest $229,500) to $550,000 (75% net royalty interest $413,000)., Inc. Announces Acquisition of Oil Producing Wells in Cobb County, Texas, Inc. announced the acquisition of 3 oil wells in Cobb County Texas with an option to acquire 6 additional wells. The acquisition of 3 oil wells in Cobb County, Texas with an option on another 6 wells is the first in a series of transactions that the company has been exploring. These wells are currently under producing to their ultimate potential, and the immediate focus is to conduct a work over and stimulation program to increase oil production. Initial production is conservatively projected at 3-4 BBL/day per well with an expected increase to 5-6 BBL\day per well.


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Price/Earnings NM Not Meaningful
Price/Sales 21.5x
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TEV/Sales 26.3x

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