Fifth acquisition in ZiyenCoin to buy interest in $12.5 million crude oil project
SAN DIEGO, Feb. 27, 2020 (GLOBE NEWSWIRE) — Ziyen Energy has announced they have acquired a fifth acquisition in exchange for ZiyenCoin. This time acquiring an overriding royalty interest in the Bayou Star Energy’s, Lillie Young Well No. 1, located in Jefferson Davis Parish, Louisiana.
Bayou Star Energy, LLC is an operator in the state of Louisiana specializing in conventional South Louisiana oil and gas properties. Their team of engineers have over 100+ years of experience in both conventional and unconventional oil and gas land, marsh, and offshore operations.
Geologist Michael Crabtree, Bayou Star Energy, LLC stated, “Lillie Young Well No. 1 was logged on October 31, 2019 and tested at 288 BOPD (barrels of oil per day). We estimated reserves for the project to be 250,000 barrels of oil. The production facilities are being installed and production will begin in the next two months.”
David Greenberg, Chairman of Ziyen Energy, commented, “The overriding royalty interest we have acquired will provide the company with our first US dollar distributions from the ownership of oil production purchased in ZiyenCoins. This acquisition shows the industry’s confidence in Ziyen Energy’s efforts to tokenize oil and gas assets.”
About Ziyen Energy.:
Ziyen Energy. is a technology-driven energy company incorporated in the State of Wyoming, U.S.A. in April 2016. Originally formed as a software company providing information on the oil, gas, power and energy sectors, Ziyen specializes on business information, contracts, news and information by developing cutting edge procurement and supply chain software to provide clients with intelligence on industry specific government and private contracts. In addition, Ziyen Energy currently owns interests in oil assets based in Texas and the Illinois Basin, which covers Illinois, Indiana and Kentucky. The equity of Ziyen Energy has been tokenized and issued as ZiyenCoin which is offered for sale as a Security Token pursuant to SEC Rule 506(c) of Regulation D.
For more information visit www.ziyen.com.
Forward Looking Statements:
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing, performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company’s periodic reports filed with the SEC- specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the company on the date of this press release. Ziyen Inc. assumes no obligation to update the information in this press release.