Caspian International Oil Corp. Announces Increased Bank Lines of Credit to Expand Operations

HOUSTON, May 14 /PRNewswire-FirstCall/ -- Caspian International Oil Corporation (CIOC) (OTCBulletinBoard:CIOC), which provides seismic surveys and other oil field services to the petroleum industry in Kazakhstan and elsewhere and operates an oil field in Western Kazakhstan, today reported that its two key subsidiaries have boosted their bank lines of credit to a combined total of $22.9 million.

The higher funding, which is being provided by Bank TuranAlem in Kazakhstan, will be used to expand CIOC's seismic operations and to begin its 2007 development program on the North-West Zhetybai oil field in Western Kazakhstan. The $22.9 million in credit lines is comprised of $17.9 million for CIOC's Dank subsidiary with the remaining $5 million for its Kor-Tazh subsidiary.

"These increased lines of credit for our operations represent a very positive development for CIOC and our ability to meet our customers' growing seismic requirements," said James. E. Knight, President and CEO of CIOC. "At Dank, we will use our higher credit lines to significantly expand our seismic operations through new equipment purchases, mainly from Input/Output. We also are evaluating the addition of another seismic crew that could serve customers in Kazakhstan as well as other countries.

"Our higher line of credit for Kor-Tazh will enable us to begin our 2007 work program for the North-West Zhetybai oil field. Our plans for 2007 include conducting a 3-D seismic survey on the field, re-entering three wells previously drilled, and initiating a program to drill two new wells to further define and delineate the field using current technology and drilling techniques," Knight added.

About CIOC

Headquartered in Houston, CIOC acquired its current operations in August 2006 with the merger of several Kazakhstan companies, principally Dank and Kor-Tazh. Dank and PGD Services (a subsidiary of Dank) provide oil field services including 2-D and 3-D seismic acquisitions, data processing and interpretation, reservoir modeling and topography to the petroleum industry in Kazakhstan and elsewhere in Central Asia, while Kor-Tazh operates an oil field in Western Kazakhstan. CIOC's common stock is traded on the OTC Bulletin Board (OTCBB) under the stock symbol "CIOC.OB".

This news release may contain "forward-looking statements" about the business, financial performance and prospects of the company. Statements about the company's or management's plans, intentions, expectations, beliefs, estimates, predictions or similar expressions for the future are forward- looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the company's filings with the U.S. Securities and Exchange Commission.

    Rich Miller
    Mirador Consulting

Source: Caspian International Oil Corporation

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here