Wanderport Corporation announces its agreement to enter into a partnership with the UMA Group, a leading player in the Russian oil and gas industry, in order to acquire interests in a block property located in the Komi Republic of Russia. This is the first major oil and gas property obtained by the Wanderport Corporation and is the result of the Company’s increasing investments in the oil and gas industry.
The UMA Group has agreed to accept Wanderport Corporation stock in exchange for a partnership in the property. Both parties are considering a two tier strategic cooperation to develop this property then eventually form a joint-venture in acquiring new territories for the implementation of mutual strategies for their exploration and exploitation. Mr. Sergei Mayorov, President of UMA Group informed us that cooperation with Wanderport Corporation will enable the application of state of the art technology for the mutual growth of all interests in the region, expanding the work that is already in progress on the property.
As mentioned previously, the Block was explored by 838 km of seismic activity and has been estimated to project 2,274,000 tons of probable reserves annually. The Wanderport Corporation is determined to invest heavily in the oil and gas markets in order to expand and become an influential player in the industry. “Having the opportunity to work together with UMA Group, a leader in oil and gas development in the region will help to guarantee our success to tap the enormous hydrocarbons reserves on the property”, said Mr. Adam Madisson, President and CEO of Wanderport Corporation.
In other news, Mr. Madisson is also pleased to announce that he will not be stepping down as CEO of the Company and will continue to lead the company through its new strategic initiative. This administrative decision was taken to mutually benefit the Company, its investors and future successful business ventures.