Kingslake Energy, Inc. is becoming a commanding independent presence in the multi-million dollar US natural gas exploration and production market. Currently, the Company explores and drills in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia.
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1777 NE Loop 410
San Antonio, TX 78217
Co. Number 1-210-841-5759 Company Fax: 210-820-2609
Number of Employees: 4 as of Feb, 2008
Outstanding Shares: 299,072,720 as of 2008-02-15
Authorized Shares: 500,000,000 as of Oct 15, 2007
Float: 73,072,720 as of Feb. 15, 2008
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Steve Scott, Dir.
James Robert Pagnum, Jr., President, Dir.
President and Director
Mr. James Pagnum, B.S. has been appointed President and Director of the company. During the past three years he has coordinated oil and gas operations for an independent oil & gas firm. Previously owned and managed his own successful chemical products company which he sold prior to entering oil and gas management.
Geophysical and Geology Advisor
Mr. Clay Hutchinson, B.S., is a Kentucky geologist and seismic professional with more than twenty years of experience in geologic surveys covering all of Kentucky. His recent successes include the discovery of two large natural gas fields in Eastern Kentucky. He advises the company and performs seismic surveys on company properties.
Mr. Steve Scott, B.A., a native kentuckian, is a long time oil and gas investor and has been appointed Operations Manager for the company. He is recognized as an outstanding manager and is skilled in getting wells drilled and producing in a timely and professional manner. Mr. Scott has been appointed as a company director
E Kentucky Project
The company explores and produces natural gas in geologic basins, concentrated in Kentucky with the primary focus on Eastern Kentucky. The area is generally known as the Appalachian Basin. Portions of this basin have been producing for many years. Recent advances in completion techniques, including nitrogen fracs have been successfully utilized on certain gas bearing shales and limestones. Recent Big Lime wells have been successfully completed in the company's area of interest and several wells have been gauged at more than 5 million cubic feet of gas AOF. Another zone of interest is the Devonian Shale. This shale is highly productive of natural gas and nitrogen foam fracs have achieved excellent results. The shale has produced at rated up to 500 mmcf per day and the wells can produce for 40 years or more. A typical shale well produces between 35 to 250 mmcf per day from sections that range up to 300 feet thick with a producing pay section of 40 to 60 feet. some of the old wells have produced up to two BCF of natural gas. Current gas prices reflect the NYMEX futures contract and generally a premium is paid for high BTU content gas typically encountered in the Devonian Shale.
The company currently employs a full time oil and gas lease landman. Lease blocks are being assembled as quickly as possible with a plan to accumulate a substantial land position in this profific basin. With drilling success running at 90%, the company is confident that these low risk, moderate depth and excellent reserves wells result in substantial cash flows.
SAN ANTONIO--(BUSINESS WIRE)--Kingslake Energy Inc. (Pink Sheets: KGLJ - News) announced today that it has drilled and completed its first producing natural gas well in the proven Devonian Shale formation.
Kingslake Energy recently acquired 20,000 acres of strategic lease hold properties in the prolific Devonian Shale of the Appalachian Basin. The highly active formation is located in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia, where significant natural gas reserves have been confirmed on the property.
Kingslake is taking advantage of recent advances in drilling and completion techniques, which has made the Devonian shale gas a viable, profitable, and critical part of energy production in the United States.
Kingslake Energy plans to drill more than 200 wells on its more than 20,000 acres within the Devonian Shale. As the Company completes its drilling objectives, each well is expected to produce at the following rates:
A minimum of 50 mcf of gas per day
An initial net price of 80% of the NYMEX monthly Spot price
Daily gross (August/Sept. price) would equal $5.50 X 300 mcf totaling $1,650 per well, or $50,200 per well, per month
MMBbls: Million Barrels
Bpd: Barrel per day
Mbpd: Thousand barrels per day
Bopd: Barrels of oil per day
Mbopd: Thousand barrels of oil per day
Bcf: Billion cubic feet
Bcfe: Billion cubic feet equivalent
Bcfpd: Billion cubic feet per day
BOE: Barrel oil equivalent
Boepd: Barrels of oil equivalent per day
MMBTU: Million British thermal units
MMBTUpd: Million British thermal units per day
BTU: British thermal units
BTUpcf: British thermal units per cubic foot
MMBoe: Million Barrels of oil equivalent
LPG: Liquified Petroleum Gas
Mcf: Thousand cubic feet
MMcfepd: Million cubic feet equivalent per day
MMcfpd: Million cubic feet per day
Tcf: Trillion cubic feet
Tcfe: Trillion cubic feet equivalent
MMGal: Million Gallons
Kwh: Kilowatt hour
One barrel of oil: equivalent to 6 Mcf of natural gas
James R. Pagnum, President of Kingslake Energy, Inc. stated: “The Devonian Shale acquisition and corresponding discoveries confirms the Company’s position as a growing independent presence in the multi-billion dollar US natural gas exploration and production market.
“This recent purchase will significantly increases the Company’s revenues and net asset value for our shareholders. Further, Three additional seismic lines have confirmed the presence of still deeper natural gas zones within the lease block for future testing.
“With all of our recent developments we are very pleased to report the completion of our first producing well at Devonian Shale. We are confident that our other wells currently in production will produce at similar rates. With substantial geological evidence supporting our projections, we predict a drilling success rate of over 90%. This region of the prolific Devonian Shale is one of the most promising natural gas concessions in the nation.”
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Well Number One Drilled And Ready
accumulation/distribution , 50ema-200ema , sar , slow sto , cmf
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