Bedford Energy DD
Share Structure as of 3/18/08
Market Cap: 4,320,000
Shareholders of "physical" record: 246
Bedford Energy Closes the Sale of Its Grace Field Assets
Last update: 9:44 a.m. EST Dec. 31, 2008
OKLAHOMA CITY, OK, Dec 31, 2008 (MARKET WIRE via COMTEX) -- Bedford Energy, Inc. (PINKSHEETS: BFDE) announces today that the company closed the sale of its Grace Field assets located in East Chandler, Oklahoma to Avalon Oil and Gas. Avalon Oil and Gas will take over operations effective January 1st, 2009. For more detailed information on Bedford Energy please contact BFDE@bedfordenergyinc.com or visit www.bedfordenergyinc.com.
(Avalon oil, AOGN: www.avalonoil.com)
Avalon Acquires Interest in Grace #2
MINNEAPOLIS, Jun 10, 2008 (BUSINESS WIRE) -- Avalon Oil & Gas, Inc., (Avalon) (AOGN)
AOGN 0.15, +0.01, +3.5%) (FWB: A3MA.F) has acquired a 2.5% working interest and 1.875% net revenue interest in the Grace #2 Well, Lincoln County, Oklahoma. The Grace #2 is currently producing 350 MCF of natural gas per day. Last week the price of gas closed above $12/MMbtu on the New York Mercantile Exchange, having peaked above that level in intraday trading recently in three previous sessions. Market analysts are "leaving the door open for possible advances," attributing the surge in natural gas prices to hotter temperatures in the U.S., a percolating tropical weather environment, and continued fund short-covering in the commodities market, according to an article in the June 4 Oil & Gas Journal.
Bedford Energy is the operator of the Grace # 2 well. "The Grace # 2 recently had a successful completion in the Viola Limestone," said Kent A. Rodriguez, Avalon's CEO. "Log characteristics indicate the Viola Lime is a highly favorable prospect, in comparing log results to other oil prolific wells in the Viola formation. In addition we plan to obtain a gas analysis report to review the potential of the Layton sand," he added. Reserves from the Grace # 2 are estimated to be 59.3 MBBL of oil and 148.25 MMCF of gas.
"We are actively seeking to increase our ownership in the Grace # 2 and four (4) other producing wells in the East Chandler Prospect," said Rodriguez. He added, "Avalon's energy portfolio now includes production assets of 45 producing oil and gas wells in 5 states, and we expect to continue to expand our capital deployment and acquire several more oil and gas producing properties in the coming months."
Bedford Energy's Grace #2 Well Is Online
OKLAHOMA CITY, OK, Jun 02, 2008 (MARKET WIRE via COMTEX) -- Bedford Energy, Inc. (PINKSHEETS: BFDE) (Cusip 076110 105) announces today that on Thursday, May 22, 2008 the Grace #2 well was put online with an initial production of 396,000 cubic feet of gas. The Grace #2 well, which blew out on January 11, 2007, is Bedford Energy's fifth well in their East Chandler Field.
Bedford Energy to Complete Grace #2 Well
Monday March 10, 8:15 am ET
OKLAHOMA CITY, OK--(MARKET WIRE)--Mar 10, 2008 -- Bedford Energy, Inc. (Other OTC:BFDE.PK - News) (Cusip 076110 105) announced today that it will immediately begin completion on the Grace #2 well in the East Chandler Field, located in Lincoln County, Oklahoma. The completion of the Grace #2 has been much anticipated since the well blew out on January 11, 2007. Production and test results will be made available as soon as possible.
For more detailed information on the Company or for a current status of our drilling results, please contact BFDE@bedfordenergyinc.com or visit www.bedfordenergyinc.com.
From the Desk of Clark “Sonny” Boyles Jr., Chief Operating Officer
February 1, 2008
We at Bedford Energy are proud to announce to our shareholders the good news from the month of January. During the first half of January, we successfully settled the lawsuit with the Wilcox Group. We are now poised to resume operations in our Grace oilfield in East Chandler, Oklahoma and our Warren field in Hughes County, Oklahoma.
We are in the process of putting the Grace wells back online, starting with the Grace #5 well, and then completing the Grace #2 well. We will resume drilling offset wells after the re-completions are online. Our Warren 1-14 well in Hughes County has been successfully tested and has been put online, producing natural gas. We have permits for two offset wells, the Claudia Jane 1-14 and the Nona 1-14. We are currently building these locations and should begin drilling these two wells in March and April of this year.
Our Chairman, Carl W. Swan, who celebrated his 82nd birthday last September, retired as Chairman and will remain a Director and Consultant to the Company. Harvey S. Bryant has replaced Mr. Swan as Chairman and also remains serving as President and CEO of Bedford Energy.
We believe the company is heading in the right direction and our goals are obtainable in the very near future. We, at Bedford Energy look forward to keeping you informed and sharing our results with you as soon as possible.
Clark “Sonny” Boyles Jr.
Chief Operating Officer
Bedford Energy, Inc.
Source: Bedford Energy, Inc.
Press Release - Bedford Energy Settles Suit
Wednesday January 16, 2008
OKLAHOMA CITY, OK--(MARKET WIRE)--Jan 16, 2008 -- Bedford Energy, Inc. (Other OTC:BFDE.PK - News) (Cusip 076110 105) -- Bedford Energy, Inc. announces today that it has settled the lawsuit with The Wilcox Group, LLC.
With the settlement final, Bedford Energy will be able to immediately recommence its well re-work activity and completion operations in the Grace Field, located in Lincoln County, Oklahoma, and the further development of the Warren Field, located in Hughes County, Oklahoma.
For more detailed information on the Company or for a current status of our drilling results, please contact BFDE@bedfordenergyinc.com or visit www.bedfordenergyinc.com
About Bedford Energy, Inc.
Independent Oil and Gas
Bedford Energy, Inc. is a public company, trading under the symbol BFDE that is engaged in the exploration, development and exploitation of natural gas and oil properties in the mid-continent and gulf areas of the United States. Bedford strives to enhance investor value by expanding oil and natural gas reserves raising production levels and increasing cash flow. As always, Bedford intends to increase shareholder value through developmental drilling in proven producing areas.
Information contained herein may contain forward-looking statements which are not guarantees of future success or that there cannot be losses. The actual presence or recoverability of reserves for optimal and timely recovery, well costs or schedules or other matters cannot be promised. This release contains "Safe Harbor" provisions of the US Private Securities Litigation Reform Act of 1995 & involves risks and uncertainties, which could cause actual results to differ materially from those estimated herein.
Bedford believes the forward-looking statements are based on current reasonable assumptions but can give no assurance that results will be achieved. Unpredictable & unanticipated risks, trends and uncertainties including inability to accurately forecast operating results; the potential inability to achieve profits or have cash flow; access to financing; and other must be understood. Bedford assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Bedford Energy, Inc.
531 N Portland Avenue
Oklahoma City, OK 73107
Office: (405) 601-9745
Source: Bedford Energy, Inc.
Date: January 24, 2008
RE: Board of Directors update
Effective Jan. 01, 2008
Carl W. Swan stepped down as Chairman of the Board, but remains an active member of the Board of Directors. Mr. Swan will remain a consultant to Bedford Energy, Inc.
Tom Taylor resigned his seat on the Board of Directors in order to put forth his full efforts as Superintendent of Field Operations. A new Director will be appointed soon to fill this vacancy.
Harvey S. Bryant was appointed Chairman of the Board of Bedford Energy, Inc. This is in addition to Mr. Bryant’s current position as President and CEO of Bedford Energy, Inc.
Clark H. Boyles Jr. remains on the Board of Directors and also serves his position as Chief Operating Officer of Bedford Energy, Inc.