DGAP-News: Presidents Corporate Group Inc Enters Into Acquisition Agreement

DGAP-News: Presidents Corporate Group, Inc. / Key word(s): Letter of
Intent
Presidents Corporate Group Inc Enters Into Acquisition Agreement

06.09.2011 / 10:00

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Presidents Corporate Group Inc Enters Into Acquisition Agreement.

September 6, 2011 – Hong Kong. Presidents Corporate Group Inc, Frankfurt
Stock Exchange Symbol: PI6 is pleased to announce that it has entered into
a Letter of Intent for the acquisition of a majority ownership interest in
Drake Energy Corporation a Nevada Corporation.

Under the terms of the Letter of Intent, Presidents Corporate Group will
exchange a yet to be determined sum of cash and securities for a
controlling interest of Drake Energy Corporation. The exact purchase price
to be paid by the company is to be determined upon the receipt of the
results of flow testing being completed upon two adjacent existing drilled
uncompleted wells on the same lease which Drake Energy Corporation rights
to participate in the development and exploration of additional wells.

Pursuant to the terms of the Letter of Intent, Presidents Corporate Group
Inc will provide Drake Energy Corporation with financing and market
intelligence, investment banking services and corporate restructuring to
enable Drake Energy Corporation the ability to expand its operations
through acquisition and development of low risk, high reward, significant
oil and gas properties in the United States and Canada.

The terms and condition of the acquisition and share exchange exchange will
be finalized and the closing is subject to certain due diligence to be
completed. It is anticipated that the transaction will close and be deemed
effective upon completion of formal documentation.

Further details regarding the transaction and the various assets that Drake
Energy Corporation currently owns and operates, as well as the projects
under development will be made available upon completion of the
transaction.

Presidents Corporate Group Inc is a full service financial advisory firm
that provides emerging companies with creative financing solutions to
clients around the world.

For further Information:
info@presidentscorp.com

Presidents Corporate Group Inc.
President:
E. Surya Chandra
1-866-859-5398
www.presidentscorp.com

Legal Notice Regarding Forward-Looking Statements

Legal Notice Regarding Forward-Looking Statements in this news release that
are not historical facts are forward-looking statements that are subject to
risks and uncertainties. Forward-looking statements are based on current
facts and analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determined, and assumptions of
management. Forward looking statements are generally, but not always,
identified by the words –expects–, –plans–, –anticipates–, –believes–,
–intends–, –estimates–, –projects–, –aims–, –potential–, –goal–,
–objective–, –prospective–, and similar expressions or that events or
conditions –will–, –would–, –may–, –can–, –could– or –should– occur.
Information concerning oil or natural gas reserve estimates may also be
deemed to be forward looking statements, as it constitutes a prediction of
what might be found to be present when and if a project is actually
developed.

Actual results may differ materially from those currently anticipated due
to a number of factors beyond the reasonable control of the Company. It is
important to note that actual outcomes and the Company–s actual results
could differ materially from those in such forward-looking
statements.Factors such as the Company–s ability to raise financing for
operations, breach by parties with whom we have contracted, inability to
maintain qualified employees or consultants because of compensation or
other issues, competition for equipment, inability to obtain permits,
potential delays or obstacles in operations and interpreting data, the
likelihood that this business model business is not successful. Additional
information on risks for the Company can be found in the Company–s periodic
filings filed from time to time with US Securities and Exchange Commission
at www.sec.gov.

This press release does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States.
The securities mentioned herein have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the –Securities
Act–). They may not be offered or sold in the United States (as defined in
Regulation S under the Securities Act), except pursuant to an exemption
from the registration requirements of the Securities Act.

Cautionary Note to U.S. Investors – The United States Securities and
Exchange Commission permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has demonstrated
by actual production or conclusive formation tests to be economically and
legally producible under existing economic and operating conditions. We use
certain terms such as estimates of a mean of undiscovered natural gas and
estimates of a mean of undiscovered oil that the SEC–s guidelines strictly
prohibit us from including in filings with the SEC. U.S. Investors are
urged to consider closely the disclosure in our Form 10-K and other
periodic reports filed by us from time to time with the SEC, available from
us at www.sec.gov. You can also obtain this form from the SEC by calling
1-800-SEC-0330.

End of Corporate News

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06.09.2011 Dissemination of a Corporate News, transmitted by DGAP – a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP–s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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