Hobson Secondary Oil Rejects $1.5Billion Acquisition Offer From Oil Industry Giant

Company president cites two reasons and insists shareholders will soon appreciate the decision

3/22/11 7:56 PM CET

Las Vegas – Today the HSO public relations office announced that the rumors were true in part. HSO did in fact receive a buy-out offer for $1.5 Billion USD from a prospective buyer only identified as "an established oil field giant in the industry". According to the announcement, HSO spurned the offer for two reasons: First, the terms were not favorable for HSO, and more importantly, current negotiations abroad are far more favorable, both in the short and the long terms. Again, HSO refused to provide more details citing "legal requirements of non-disclosure agreements" but added that a major announcement would be forthcoming soon. "We are always concerned for the long-term welfare of our company and our shareholders, and we will not let short-term greed lure us away from our business plan" remarked HSO's President, Russ Hobson. Hobson refused to to deny nor confirm that the offer was made by Hailliburton as many have speculated.

Hobson was also asked about HSO's license negotiations with Russia's Lukoil, and Hobson deferred the matter to his Licensing Director Anthony DeMarco. DeMarco responded, "When we are allowed to make an announcement - we will".

Hobson Secondary Oil, Inc. is a relatively small family-owned company which developed and owns third-generation secondary oil recovery technology that allows even the thickest heavy crude oil with a specific gravity of 1.5 to be recovered from depths over 3,000 meters. Currently around the globe, there are well over 300 Billion barrels of such heavy crude oil that without HSO technology, cannot be recovered. HSO's technology is green and and does not contaminate the oil. Recovery costs of HSO technology are currently at $10 a barrel.

HSO has the only green secondary oil recovery that can safely be used off-shore on oil rigs - servicing wells as deep as 10,000 feet. Further this technology does not require building any on-site structures that blemsih the landscape like other companies that rely on huge ugly boilers.

With stability problems in the Middle East and the safety of nuclear energy now in question after the Japan disaster, oil prices are forecast at $200 per barrel over the next 12 months. "All the upheaval and chaos in the Middle East, and nuclear doubts will surely impact on oil prices for the next 2-5 years since two-thirds of the world's oil reserves are located in the region", commented Hobson. HSO currently offers JV arrangements within America.

About Hobson Secondary Oil, Inc.

HSO is a family-owned private company that has developed the only proprietary green technology that can recover the Earth's thickest oil from as deep as 10,000 feet below the surface. For details, send an email to HSOLicensing(at)gmail.com

Website http://www.hobsonsecondaryoil.com

Contact: Mr. Novak (PR Director)

Contact us Visit our press room