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None Date:1/30/2006 9:33:44 AM
Post #of 25538
AMRS Kansas Geologic Society Lists Petrol Oil and Gas Among Top 5% of Gas Producers in Kansas for 2005; Petrol-Neodesha and Coal Creek Projects Position Company for Strong Growth in 2006
Business Wire - January 30, 2006 9:22 AM (EDT)
LAS VEGAS, Jan 30, 2006 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG), an independent oil and gas exploration and development company with properties in Kansas and Missouri, today announced that the Kansas Geologic Society (KGS) recently included Petrol in its listing of the top 5% of gas producing companies in Kansas based on gas production volumes for 2005.
The KGS data describing gas production volumes from 885 gas producing companies in Kansas can be downloaded in pdf format from the KGS web-site at www.kgs.ku.edu/PRS/publication/2005/2005-52/2005-52GasOperators.pdf.
"We are delighted with the fact that Petrol ranks in the top 5% of the companies producing gas in Kansas," said Paul Branagan, Petrol's Chairman and CEO. "While we are only in the early stages of developing our promising Kansas gas properties, to be included on a list with Kansas producing companies such as BP America, EXXONMOBIL and OXY demonstrates the strong production capacity that exists at our 10,000 acre Petrol-Neodesha project (P-N). In 2006, our focus is drilling and developing our Coal Creek project, which lies just to the north of P-N and covers about 82,000 acres. This property, in addition to activities from P-N, should expand our production in Kansas significantly."
Petrol's independent Reserve Report as of December 31, 2004 indicated that Petrol had gross Proved Reserves of approximately 9.9 Billion cubic feet equivalents (BCFE) within its P-N properties. Petrol has a 100% working interest in P-N and has recorded a 100% success rate in bringing on gas production from newly drilled and completed wells in that area. The Company's Independent Reserve Report as of December 31, 2005 should be available within the next few weeks.
In December 2005, Petrol began the development of its 82,000-acre Coal Creek project by allocating approximately $10 million towards the completion of activities that will allow 40 new gas production wells, 3 saltwater disposal wells and a gas gathering pipeline system to be connected and delivering gas into the sales pipeline by the end of March 2006. Petrol has a 100% working interest in the Coal Creek Project leases. Management expects Petrol's proven reserves to develop rapidly as Coal Creek gas production comes on line and drilling activities continue.
About Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc. is an oil and gas exploration and development company currently involved in the development of natural gas from leases encompassing over 160,000 gross acres in Kansas and Missouri. Its common stock is traded on the OTC Bulletin Board under the symbol "POIG".
Forward-Looking Statement: The statements in this press release regarding the KGS's Listing of Gas producing companies, the standards or criteria used by the KGS in its rankings, the companies continued drilling efforts, allocation of funds for field development, Petrol's ability to continue to expand its reserves, actual and anticipated market conditions, any implied or perceived benefits from Petrol's CBM assets, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the Petrol-Neodesha properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
or
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300, Ext. 225
Copyright Business Wire 2006
Rising like good Dough!
My favorite part!
"The gas gathering and processing infrastructures will have the capacity to handle hundreds of Petrol's production wells ultimately planned for the Coal Creek Project. "
Finally bought this today!
Petrol Oil and Gas Increases Ability to Sell Production From Coal Creek Project; Company Enters Into Agreement with Enbridge Pipeline To Connect Second Gas Injection Tap
Business Wire - January 17, 2006 9:20 AM (EDT)
LAS VEGAS, Jan 17, 2006 (BUSINESS WIRE) -- Petrol Oil and Gas Inc. (OTCBB: POIG) announced today that it has signed an agreement with Enbridge Pipeline (ENB) to connect a second gas injection tap on the ENB interstate pipeline system. This injection tap will serve as the second sales point for Petrol to market natural gas produced from its vast 82,000 acre Coal Creek project. Petrol's production wells will produce natural gas directly into a local gas gathering pipeline system, owned and operated by its wholly owned subsidiary Coal Creek Pipeline, who will in turn transport, process and pressurize Petrol's gas before injecting it into the ENB sales point. The agreement is expected to allow Petrol to significantly increase gas production from the Coal Creek project.
"Now that Petrol has acquired a second interstate pipeline tap approved by Enbridge, we will expand our current drilling and development activities within our Coal Creek project," said Paul Branagan, Petrol's Chairman and CEO. "In early December, we signed the first agreement with ENB for development of our Burlington area and we immediately began a 2 rig drilling program and CCP initiated the installation of its gas gathering and processing systems. With the staking of the second tap in our Waverly area, Petrol will begin an intensive drilling program with another 2 drilling rigs and CCP will begin installing the gas gathering and processing systems to transport our Waverly gas to this new tap and our target market."
Burlington and Waverly are the first two of three areas that make up Petrol's 82,000 acre Coal Creek Project in which Petrol holds a 100% working interest. In November, Petrol drew down $10 Million of a $50 Million debt facility to begin Phase 1 of its Coal Creek Project. Phase 1 includes about 40 gas production wells, 3 SWD wells and two fully equipped gas gathering and processing infrastructures. The gas gathering and processing infrastructures will have the capacity to handle hundreds of Petrol's production wells ultimately planned for the Coal Creek Project.
Forward-Looking Statement: The statements in this press release regarding Petrol's agreement with CCP, the second contract with ENB, benefits of the CCP pipeline, the development of the Coal Creek property, total acreage included in the project, the actual number of wells to be drilled in the project, availability of the total debt facility, and Petrol's ability to fully implement its development plan are forward looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements Petrol makes in this news release include market conditions and those set forth in reports or documents Petrol files from time to time with the SEC. Petrol undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
or
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300, Ext. 225
Petrol Oil and Gas Drills Another Three Successful Wells; Prolific Petrol-Neodesha Property Continues to Generate Strong Gas Sales
Business Wire - January 4, 2006 8:00 AM (EDT)
LAS VEGAS, Jan 04, 2006 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG) announced today that it has successfully completed the drilling of its third new well in December on its Petrol-Neodesha property in southeast Kansas. Petrol successfully drilled fourteen gas bearing coal bed methane (CBM) wells in Fiscal 2005 in Petrol-Neodesha, representing a 100% success rate. Petrol expects to continue an aggressive drilling program throughout 2006.
"We are quite pleased to close 2005 having drilled fourteen new CBM production wells in our Petrol-Neodesha properties," said Paul Branagan, Petrol's Chairman and CEO. "Although our field development program is focused on our Coal Creek property, where we are currently in a 40 plus well development program, Petrol-Neodesha is our producing field and thus each new well provides gas sales as quickly as we get them stimulated and connected to our gas gathering lines. Currently, we have 90 production wells in Petrol-Neodesha with 87 completed and connected to the sales line."
According to a December 31, 2004 Reserve Report, Petrol has gross Proved Reserves amounting to approximately 9.9 Billion cubic feet (BCF) within its Petrol-Neodesha properties. Petrol-Neodesha, located in the Thayer field, is a very active CBM gas producing area and lies within Wilson and Neosho counties, Kansas. Petrol currently produces natural gas from 87 producing wells in Petrol-Neodesha and has a 100% working interest in its wells. Petrol believes, with its recently completed financing, that it will be able to significantly increase the level of proven reserves.
Forward-Looking Statement: The statements in this press release regarding the newly drilled wells, amount of gas production being derived from the wells, continued drilling efforts, actual and anticipated market conditions, the actual size of and success of the Coal Creek development program, the ability of Petrol to add to its proven reserves, any implied or perceived benefits from the Company's CBM assets, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the Petrol-Neodesha properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
or
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300, Ext. 225
Petrol Oil and Gas Enters Into Agreement to Transport Natural Gas Production; Agreement to Facilitate Gas Sales from 82,000 Acre Coal Creek Project
Business Wire - December 13, 2005 9:04 AM (EDT)
LAS VEGAS, Dec 13, 2005 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG) announced today that it has entered into a long term contract with Coal Creek Pipeline, Inc. (CCP), whereby CCP will transport, process and sell Petrol's natural gas production from its prolific 82,000 acre Coal Creek Project in southeast Kansas. CCP, a wholly owned subsidiary of Petrol Oil and Gas Inc, began the development of the local gas gathering and processing infrastructures that will connect Petrol's producing gas wells to the Enbridge (ENB) interstate pipeline system for gas sales into the midwest and east.
"Since we finalized our $10 Million funding for the development of the Coal Creek project, we have been drilling new production wells and designing completions of some existing wells to get gas production and sales on-line as soon as possible," said Paul Branagan, Petrol's Chairman and CEO. "To expedite the process, we formed CCP to design, develop and install a local gas gathering system that would connect our production wells to the interstate pipeline systems and thus permit us to capitalize on record natural gas prices through current production."
CCP began installation of the system infrastructure for Petrol's Burlington and Waverly project areas during the first week of December. CCP acquired surface rights for the gas compressors and processing equipment as well as the right of ways for the many miles of gathering pipeline that will ultimately connect each of Petrol's wells to the ENB Interstate Pipeline. Further, CCP and Petrol signed a construction, ownership and operating agreement with ENB to allow CCP to inject produced natural gas into the ENB Interstate Pipeline in the Burlington project area. Another agreement between Petrol, CCP and ENB to install a second injection point into the ENB line located within Petrol's Waverly project area is pending the exact tap location for injection. Petrol's Waverly project area is located about 18 miles to the northeast of the Burlington project area.
Petrol and CCP specifications call for the transport and processing capacity to facilitate gas production from as many as 500 or more Petrol production wells. Plans for Petrol's Coal Creek project involves drilling and developing approximately 82,000 acres of Coal Bed Methane (CBM) and other gas reserves in Coffey County Kansas for which Petrol holds a 100% working interest.
Forward-Looking Statement: The statements in this press release regarding Petrol's agreement with CCP, the contract with ENB, benefits of the CCP pipeline, the development of the Coal Creek property, total acreage included in the project, the actual number of wells to be drilled in the project, and Petrol's ability to fully implement its development plan are forward looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements Petrol makes in this news release include market conditions and those set forth in reports or documents Petrol files from time to time with the SEC. Petrol undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
or
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300, Ext. 225
Petrol Oil and Gas Initiates $10 Million Drilling and Development Project on Prolific Coal Creek Project; Petrol to Drill and Develop 82,000 Acres of Coal Bed Methane Property in Kansas
Business Wire - December 6, 2005 8:30 AM (EDT)
LAS VEGAS, Dec 06, 2005 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG) announced today it has initiated a $10 million drilling and development plan for its Coal Creek project, located in southeast Kansas. The Coal Creek plan involves drilling and developing approximately 82,000 acres of Coal Bed Methane (CBM) and other gas reserves in Coffey County Kansas for which Petrol holds a 100% working interest. To support the development activities, Petrol filed 30 drilling intents and finished drilling two salt water disposal (SWD) wells in the area. The entire project is anticipated to encompass about 500 production wells, 4 SWD wells and several large networks of gas gathering pipelines and processing systems.
"We are excited to commence drilling on this property," said Paul Branagan, Petrol's Chairman and CEO. "As we have already successfully drilled and tested 12 wells on the property for CBM and other natural gas reserves, we have been planning the development of Coal Creek for the past several months while we finalized our recent $50 million financing package. With the first $10 million funded in early November, Petrol filed 30 drilling intents, 28 for gas production and 2 for SWD purposes. We divided our large 82,000 acre Coal Creek Project into three separate operational areas to take advantage of efficiently connecting and transporting produced natural gas into the interstate pipelines that cross our leases.
Petrol's first Coal Creek production wells are currently being drilled in the Burlington area along with one of the SWD wells. The other SWD well was just drilled in the Waverly area, roughly 8 miles to the northeast of the Burlington area. Petrol intends to provide operational updates for the Coal Creek project as it rapidly moves forward with the drilling and infrastructure program.
Petrol's existing 12 CBM wells will be incorporated with 10 new production wells to form the basis for Phase I development of the Burlington area. Phase I development of the Waverly area will start with 18 new production wells.
Forward-Looking Statement: The statements in this press release regarding the development of the Coal Creek property, total acreage included in the project, the actual number of wells to be drilled in the project, availability of the remaining funds under the financing package and Petrol's ability to fully implement its development plan are forward looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements Petrol makes in this news release include market conditions and those set forth in reports or documents Petrol files from time to time with the SEC. Petrol undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
Petrol Oil and Gas Drills Eleventh Successful Well This Year at Petrol-Neodesha Property
Business Wire - November 16, 2005 8:46 AM (EDT)
LAS VEGAS, Nov 16, 2005 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG) announced today that it completed the drilling of its eleventh new well on its Petrol-Neodesha properties in southeast Kansas. The Company has successfully drilled eleven gas bearing coal bed methane (CBM) wells this year, representing a 100% success rate and has plans to continue drilling.
"The success we have had this year drilling on the Petrol-Neodesha properties represents an integral part of our growth strategy," said Paul Branagan, Petrol's Chairman and CEO. "The property offers us the opportunity to generate significant cash flow, through low-risk drilling activities, as demonstrated by our success this year. The last three wells that we have drilled and completed are already producing about 150 Mcfd into the sales line after only one week of de-watering. Our recently completed debt financing will support an aggressive development program for our Coal Creek project, while cash flow from Petrol-Neodesha will allow us to continue drilling and development at Petrol-Neodesha. With the additional capital, we expect to accelerate our drilling activities, which have resulted, during the past 6 months of this year, in 11 new wells, of which 8 are completed and producing gas, while the last three are awaiting stimulation and hook up to the sales line."
According to a December 31, 2004 Reserve Report, Petrol has gross Proved Reserves amounting to approximately 9.9 Billion cubic feet (BCF) within its Petrol-Neodesha properties. Petrol-Neodesha, located in the Thayer field, is a very active CBM gas producing area and lies within Wilson and Neosho counties, Kansas. Petrol currently produces natural gas from 80 producing wells in Petrol-Neodesha.
Forward-Looking Statement: The statements in this press release regarding the newly drilled wells, amount of gas production being derived from the wells, continued drilling efforts, actual and anticipated market conditions, any implied or perceived benefits from the Company's CBM assets, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the Petrol-Neodesha properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
Petrol Oil and Gas, Inc.
Investor Information, 702-454-7318
www.petroloilandgas.com
or
CEOcast, Inc. for Petrol Oil and Gas
Ed Lewis, 212-732-4300, ext. 225
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