On Thursday, a large number of companies entered the news cycle, and it may be a good idea to take a look into a few of those that could be likely to be in focus today. A company that could be worth tracking at this point is Holiday Island Holdings Inc. (OTC:HIHI), which is currently in the process of changing its name to EP3OIL Inc. On February 20, the company inked a letter of intent with Supeca Oil Trading USA LLC.
As per the agreement, Supeca had agreed to finance the acquisition and development of an oil field in Central Texas called the Drummond Oil Field to the tune of $250,000. However, on Thursday, it was announced that Supeca had agreed to put the project on hold with the intention to collaborate with Holiday Island Holdings on Drummond as well as other oil acquisition and development assets in the United States. In the news release, it was noted that both parties recognized the value of the project; however, Supeca needed additional time in order to release the funds that it holds in the United States currently.
The Chairman and Chief Executive Officer of Holiday Island Holdings, Glenn Klinker, spoke about the latest developments as well. He noted that although there was general disappointment with the delay in funding, everyone at Holiday Island Holdings was pleased at the possibility of continuing to work together with a well-known and experienced global oil company. However, the delay would also provide the company with the opportunity to focus on some of its other oil production assets, like Windy Point, which could generate considerable returns. Klinker also stated that he expected Windy Point to get online at some point in the upcoming 60 to 90 days. It remains to be seen if the development leads to any attention for Holiday Island Holdings stock or not.
