Galloway Energy Inc. (fka GWGI)

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http://www.oilandgasinvestor.com/Headlines/2009/WebJune/item41317.php

Norex Acquires First Ozona Well; Reserves from JV Project With Galloway Energy Estimated at 10BCF

Published Jun 22, 2009


The well, which is in Crockett County, was drilled, cased, completed and stimulated in the Wolfcamp Canyon sandstone formation. Upon tie-in to the pipeline infrastructure, the well has been producing gas since May 2009 at 200,000 cubic feet per day. Galloway Energy Inc., Reno, Nev., (Pink Sheets: GWGI) is a partner on the well.

Norex says an estimate for in-situ gas reserves from the 20 locations total at least 10 billion cubic feet of gas, or 0.5 billion cubic feet of gas per well. The first well was drilled, cased, completed and stimulated in the Wolfcamp Canyon Sandstone

Norex president Mark Schaftlein says, This information provides us with real impetus as we proceed in our strategic planning. Our acquisition selection process is currently well under way, and this project is considered highly favorable for further exploitation. We are very pleased to find ourselves with such a fine collection of high-quality projects at such an early stage. We aim to move quickly yet prudently in order to fully capitalize our position.

The initial well is the first of 20 wells that will be drilled and completed on the leased acreage.

Norex has working interests in natural gas assets in Texas, California and Alberta, Canada