ORLANDO, FL, October 2, 2023 – Holiday Island Holdings, Inc. (OTC PINK: HIHI) recently completed a reverse-merger with XA Interactive, Inc., a natural resources and tech company specializing in secondary recovery of oil and gas. Having completed its acquisition of Louisiana Onshore Exploration, XA is preparing for expansion of its drilling operations on these Louisiana properties with estimated reserves of six-million barrels per square mile, spanning nearly 160 square miles in the Louisiana Austin Chalk. To review the reserve reports, click here.
“We have a six-month plan in place to permit and drill a 5,000 ft lateral and perform a modern completion technique via a multi-stage hydraulic fracture treatment.” says Michael Prozer, Chairman of XA Interactive. “Our projections, models and geology suggest that if we are successful, each well could generate 7-10k barrels of oil, along with 9000 MCF of natural gas per day. The successful completion of this project has the potential to greatly boost our company’s annual revenues.”
The terms of the acquisition between XA and Louisiana Onshore Exploration (LOE) involve the issuance of $30 million in Preferred Series A shares to the LOE team over an 18-month period, with minimal impact on overall market capitalization. In exchange, XA assumes full ownership of all well production, revenues, and existing operations. XA also integrates the LOE team, which comprises key members such as Chris Roy, VP of Land; Ellis Guilbeau, VP of Exploration; and Jerred Clark, VP of Engineering, bringing a combined 70+ years of oil and gas expertise into its operations.
LOE has discovered 250 BCF and 10 million barrels of oil, helping to generate over $1 billion in sales as an operator. The team also generated the Thunder Bayou well, which became the nation’s top gas-producing well for multiple consecutive years. This discovery continues to be a huge producer, amassing a reservoir of over 80 billion cubic feet of gas and more than 2 million barrels of condensate.
The acquisition was facilitated by Controlled Capital, a financial firm with a strong track record in assisting companies with capital raising and strategic investments. Josh Cohen, CEO at Controlled Capital, provided insights into the collaboration: “We are proud to be partnering with XA Interactive on this transformational project. Bringing XA and Louisiana Onshore Exploration together is proving to be a game changer for XA Interactive. XA’s commitment to sustainability and innovation aligns perfectly with their investment strategy.”
Beyond the economic benefits, XA Interactive remains committed to corporate responsibility and community engagement. The company plans to collaborate with local communities and authorities to ensure that its operations benefit the regions in which it operates. As part of the company’s commitment to the community, resources will also be allocated for the cleanup and remediation of orphaned wells.
XA currently has drilling operations underway in South Central Texas, and as the company moves forward with its expansion plans in Texas and Louisiana, it anticipates not only a significant increase in production, but also a positive impact on employment and economic development in the areas it serves.
For media inquiries and further information, please contact:
Company Name: XA Interactive, Inc.
Contact Person: Josephine Vargas
Country: United States
112 W 34th St
New York, NY 10120
Direct – (917) 584-7042
About XA Interactive (OTC PINK: HIHI):
XA Interactive is a dynamic player in the secondary recovery oil and gas sector, focused on harnessing innovative solutions to unlock the hidden potential of energy resources. With a commitment to sustainable growth and operational excellence, XA Interactive is dedicated to making a positive impact within the industry.
About Controlled Capital:
Controlled Capital is a leading financial advisory firm specializing in energy transactions. With a wealth of experience and expertise, Controlled Capital provides strategic guidance and facilitates impactful partnerships and financing options within the energy industry.
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SOURCE: Holiday Island Holdings, Inc.