RUSSOIL CORPORATION

RUSSOIL CORPORATION

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Company Overview
Russoil Corporation (Russoil) is an American publicly quoted company engaged in the exploration and development of oil and gas properties in southwestern Siberia, Russia. It holds interest in the Gorstovoye oil field situated in the Tomsk region of the Western Siberian Lowland. The company was incorporated in 2007 and has its registered head office located in New York, New York.
In September 2007, Russoil completed the acquisition of 100% of OJSE Smolenergy (Smolenergy), a Corporation formed under the laws of the Russian Federation and controlled the Gorstovoye deposit. Furthermore, Russoil aims to enhance the value of existing assets, improve profitability and acquire assets with proven reserves and development potential.
Business Summary
Russoil Corporation, formerly Cassidy Media, Inc., operates through its wholly owned subsidiaries, OJSC Smolenergy (Smolenergy) and Gorstovoye LLC (Gorstovoye). It explores and develops oil and gas properties wells in South Western Siberia. The Gorstovoye oil field is situated in the Tomsk Region of the Western Siberian Lowland. Gorstovoye obtained the right to use the subsurface resource area that includes the Gorst oil field, in August 2002, by the transfer of the license initially issued to the local government to Gorstovoye. After the license was transferred to Gorstovoye, it commenced work on developing design and estimation documents and obtaining permits to fulfill the conditions of the license agreement. As of December 31, 2007, the Company was in development stage and had not generated any operating revenues. On January 16, 2008, the Company consummated its acquisition of a 51% interest in Gorstovoye.
Description and history
Russoil Corporation, formerly Cassidy Media, Inc., incorporated on June 7, 2006, operates through its wholly owned subsidiaries, OJSC Smolenergy (Smolenergy) and Gorstovoye LLC (Gorstovoye). It explores and develops oil and gas properties wells in South Western Siberia. The Gorstovoye oil field is situated in the Tomsk Region of the Western Siberian Lowland. Gorstovoye obtained the right to use the subsurface resource area that includes the Gorst oil field, in August 2002, by the transfer of the license initially issued to the local government to Gorstovoye. After the license was transferred to Gorstovoye, it commenced work on developing design and estimation documents and obtaining permits to fulfill the conditions of the license agreement. As of December 31, 2007, the Company was in development stage and had not generated any operating revenues. On January 16, 2008, the Company consummated its acquisition of a 51% interest in Gorstovoye.

Seismic exploration was conducted and completed in the year ended December 31, 2003. During 2003 and year ended December 31, 2004, Gorstovoye began setting up oil production for the production testing stage in the priority (northern) part of the field and organized the work to comply with regulatory requirements in effect governing the development of oil fields in the Russian Federation. Two development wells were drilled. One of them was abandoned on the basis of geophysicists’ findings that it was water-saturated.

Business Line
Engaged in the exploration and development of oil and gas properties in southwestern Siberia, Russia
Subsidiary

Advisor
WOLINETZ, LAFAZAN & COMPANY, P. C.
IPO date

US SIC Code
1311
Company Address

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NV
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Country address: UNITED STATES OF AMERICA
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