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US Natural Gas Corp to Increase Productivity by Placing Four Additional Wells into Production
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Us Natural Gas Corp (QB) (USOTC:UNGS)
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Today : Monday 12 September 2011
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US Natural Gas Corp (OTCQB: UNGS - News), an energy exploration company with operations in the Appalachian Basin is pleased to announce that in an effort to increase productivity it has or is in the process of placing four additional wells into production.
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Through the Company's KY subsidiary, work has been initiated to place two wells capable of producing crude into production. The first well to be placed into production will be the Antle No. 1 well located in Russell County, Kentucky. The Antle No. 1 was drilled and completed in 2009 to a total depth of 1030 ft. with a show of oil from the Stones River formation. Prior to knocking down an electric plug, the Company completed a down-hole camera study which confirmed oil production with a gas drive from the same formation. The Company has mobilized its workover rig to the lease in preparation of inserting all down-hole components and placing the well on pump.
Upon completion of work on the Antle No. 1, the workover rig will be mobilized to the Reynolds No. 2 well located in Allen County, Kentucky. The Reynolds No. 2 well was drilled and completed in 1990 to a depth of approximately 450 ft. with production occurring from the Blue Laural formation. The Company has completed setting a collection tank and laying both the flowline to the tank and electrical wire for the pumpjack.
Through the Company's WV subsidiary, two wells capable of delivering commercial quantities of natural gas were placed into production during the month of August. The first well placed into production was the OP Belcher No. 1 which was drilled and completed in 1958 to a depth of 1755 ft. Natural gas production occurs from the Berea formation at approximately 1742 ft. The second well placed into production was the James Lycan No. 1 which was drilled and completed in 1958 to a depth of 2823 ft. The James Lycan No. 1 shows natural gas production from both the upper Berea and lower Huron formations.
"The addition of each of these wells will add to our growing revenue base," stated Wayne Anderson, President of US Natural Gas Corp. "We will continue with our recompletion projects in both states during the remainder of the year."
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. www.usnatgascorp.com
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
Contact: US Natural Gas CorpShannon Bell, Executive Assistant(727) 824-2800info@usnatgascorp.com
SOURCE US Natural Gas Corp
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