Angus Energy Corp., www.angusenergycorp.com (Pink Sheets:) today reported that the State of Texas has granted the company a drilling permit, allowing it to begin the development of its Barnett Shale properties located in Bosque County, Texas . The S. Powell Ranch #1 well will target the Barnett Shale formation utilizing horizontal drilling techniques.
In recent months, several successful horizontal completions in the expanding Barnett Shale natural gas field occurred in Johnson County, which borders Bosque County to the north. As a result, several companies have expanded their lease positions into Bosque County in the southern area of the Ft. Worth Basin.
"The drilling activity to the north suggests that the latest horizontal results are excellent," said Sanford Dvorin, president of Angus Energy Corp., and the official Texas State certified discoverer of the Sanford Dvorin Barnett Shale Dallas County
Discovery. "With horizontal wells coming on line in Johnson County, along with the success of re-fracs across the shale, there is clearly huge potential for the Barnett in Bosque County."
Dozens of newly permitted wells suggest the horizontal approach is being widely adopted. In recent years, recovery rates of well completions in the Barnett Shale have greatly improved with the advent of new technologies like re-fracturing and water-based fracs.
"Part of what makes the Barnett such an exciting play is the unrealized potential. Many Barnett engineers estimate that we only recover about ten percent of the natural gas that is present in the formation, and we're already making great wells," said Dvorin. "If the past is a good indicator, technology will continue to improve our results in the Barnett."
Construction of the drilling location for the S. Powell Ranch #1 well has been contracted, and rig equipment has been reserved and is scheduled for delivery on November 15, 2003.
Angus Energy Corp. controls over 17,000 acres of leasehold interests in the Barnett Shale, concentrated in north and central Bosque County, Texas. The company is seeking to expand its Barnett Shale interests through ongoing leasing activities.
About the Company
Angus Energy Corp, www.angusenergycorp.com, is a Dallas-based independent energy company engaged in oil and gas exploration and development with significant lease holdings in central Texas. For more information, please contact Roger Kelly or Dan Ardiel, Investor Relations, at 972-501-1479, or visit the Company's website at www.angusenergycorp.com. For media relations, contact George Duggan at National Media Associates at 818-542-6880.