Oklahoma City-based Precision Petroleum Corp. (OTCBB: PPTO) has recently instituted a capital reorganization of its structure. The company has decreased its total liabilities from $1.3 million as of Sept. 30, 2010 to $531,000.
Based on the company's Jan. 6 economic evaluation, the study shows total proven reserves of future net income being $2,394,376, thus removing any major obstacles to financing potentials. This debt share re-structure was approved by the board.
Richard Porterfield, Precision's president, says, "We are very encouraged that the company is currently in a very solid position to attract new capital and proceed with very attractive oil and gas acquisitions which are currently being reviewed. Precision is currently reworking their existing producing wells to increase its production and in turn increase revenue. The company is also evaluating any possible future acquisitions as previously mentioned."
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