High Sierra Technologies Inc (HSTI)

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Gulf Petroleum to Start Drilling Second Oil Well on the Sterett Miles

Tuesday , May 23, 2006 09:20 ET

CARENCRO, La., May 23, 2006 (BUSINESS WIRE) -- Gulf Petroleum Exchange, Inc. (PINK SHEETS: GFPE) announced today that George N. Mitchell Drilling Company of Carmi, Illinois will start drilling the Sterett Miles #2, the second of the projected five Oil Wells in the Illinois Basin in Mclean county Kentucky.

Gulf Petroleum and Smith Oil Co. will begin drilling the Sterett Miles #2 this week. As previously reported the Sterett Miles #1-A was drilled through the St. Louis formation. We intend to drill approximately 250 feet deeper, thereby penetrating the Warsaw formation, which is a very productive formation in this and other nearby oilfields.

Warren (Skip) Wheeler president of Gulf Petroleum Exchange stated: Overtime, perforating and acidizing other formations within the same well, can extend the economical productive life of the well for several years.

http://www.knobias.com/individual/public/news.htm?eid=3.1.77ee6bb76c278403bbf94ca7d9fc486081783d4661...