DALLAS, Oct. 16, 2009 (GLOBE NEWSWIRE) -- Southwest Resources, Inc. (the "Company"), formerly known as Apollo Drilling, Inc. (Pink Sheets:SWRS), today announced that the Company is in the process of redefining its corporate platform to include not only the development of petroleum-based production assets, but also to encompass the development and production of other natural resource assets such as raw specialty gases and precious metals. The new platform is a direct response to the current credit and equity markets and potential upswing in commodity prices.
Under the new corporate platform the Company will take the following proactive steps:
* Issue 1.5 million shares of common stock to Evolution Fuels, Inc.
("Evolution") in settlement of a note payable of $150,000 owing
to Evolution.
* Acquire a majority and controlling interest in Duke Mining L.L.C.
("Duke"). Premere Resources, Inc., will own a minority and non-
controlling interest in Duke Mining. Duke owns the mining
rights to 640 acres of land in the state of Utah with
significant placer deposits of precious metals.
* Exchange a $710,000 note payable due to Premere Resources, Inc.
for an 8% interest in Duke and a $200,000 note payable bearing
an interest rate of 6.5% per annum.
* Acquire 40 acres of oil and gas properties in Creek County,
Oklahoma.
* Actively pursue the accumulation of domestic oil and gas
producing properties that will match the scale of the business
and further expand the Company's asset base.
About Southwest Resources, Inc.
Southwest Resources, Inc. is an energy and mining company engaged in the acquisition, development, exploration and production of natural gas, crude oil, placer deposits of precious metals and other income-producing natural resources. The Company holds oil and gas interests in Oklahoma and mining rights in Utah.
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.