HOUSTON, TX--(MARKET WIRE)--Aug 7, 2008 -- USA Superior Energy Holdings, Inc. (OTC BB:
USSU.OB -
News ) (Frankfurt:
F2S.F -
News ) announced today it has executed a letter of intent to merge with Hunt Global Resources Inc. of Montgomery, Texas.
The transaction will be in the form of a "reverse merger." Under terms of the agreement, Hunt will assume a majority stock position and appoint a new board of directors. Full details of the transaction will be released upon the execution of a definitive agreement between the parties.
Closing is based on the completion of required audits, satisfactory due-diligence, a fairness-opinion and shareholders' approval of the transaction.
Hunt is a natural resource company that plans to begin mining operations in the fourth quarter of this year on 350 acres of land containing proven sand and gravel reserves valued at an estimated $1.2 billion dollars.
We believe this transaction will provide value to our shareholders said G. Rowland Carrey, CEO of USA Superior Energy. Hunt has a solid business plan and proven resources in a geographic area where demand for construction grade sand and fine sands used for glass manufacturing continually outpaces the available supply.
"We're very excited about this transaction," said Jewel S. Hunt V, Founder and Chairman of Hunt Global Resources. "We believe that entering the public market will allow us to take advantage of the many opportunities available in the natural resource business. Unlike the oil business, the business of mining sand and gravel is relatively simple. There are no dry or unproductive wells and the equipment required is relatively inexpensive. Sand and gravel is mainly surface mining. All of the material is located within fifty feet of the surface and visible to the naked eye. We excavate the materials, process it and load it on a waiting truck. The only complexity to the business is the proprietary software technology we have designed that allows us to process a variety of sand products at higher profit margins than traditional sand and gravel operations," Mr. Hunt added.
ABOUT USA SUPERIOR ENERGY HOLDINGS, INC.
USA Superior Energy Holdings, Inc. is a company with excellent potential focused on applying new technologies to oil and gas fields as well as other industries. USA Superior is composed of a team of experts in their field, highly qualified with over 200 man-years of oil and gas field experience; from finding to drilling, well completion to operations and production, to problem solving, seasoned with success. Environmentally concerned and responsible, responsive to project needs and specializing in special projects, USA Superior Energy's focus has been on developing and utilizing complimentary technologies; Nitrogen (N2) and cased hole horizontal drilling. USA Superior will seek to use these technologies independently or in combination to exploit business opportunities.
Nitrogen (N2) is used to force oil out of reservoirs. It can be applied to existing reservoirs and wellbores, thus minimizing the risk of finding oil and gas. Cased Hole Horizontal Drilling (CHHD) is a new emerging technology that can significantly increase the "communication" from the wellbore to the fluids in the reservoir. With the current price environment, many existing marginal wells can be rejuvenated into very profitable wells. The corporate website is www.usa-superior.com .
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our recent current reports on Form 8-K, our annual report on Form 10-KSB, our quarterly reports on Form 10-QSB and other periodic and current reports filed from time-to-time with the Securities and Exchange Commission.
$0.03 (08/08/08)
