Great news this am on WLON. Company is in a pact with El Paso Corp for natural gas production.
Wilon Resources, Inc. Announces Agreement to Deliver Its Natural Gas Production to a Subsidiary of El Paso Corporation
Wednesday September 6, 9:05 am ET
CHATTANOOGA, TN--(MARKET WIRE)--Sep 6, 2006 -- Wilon Resources, Inc. (Other OTC:WLON.PK - News), an energy company engaged in the production of natural gas wells, is pleased to announce an agreement for the transmission of their natural gas production through an interstate pipeline owned by Tennessee Gas Pipeline, an El Paso Natural Gas Company.
Harry Thompson, President of Wilon, stated: "This is a major step in the growth of the company. In the past, the company has experienced a partial interruption in the delivery of its production. This agreement ensures a reliable primary source, and eliminates, or greatly minimizes, any future interruption of production. The delivery of Wilon's natural gas production to this new source is expected to begin shortly." A seven mile pipeline that will link their natural gas production with the interstate pipeline owned by the Tennessee Gas Company is in the process of completion.
Wilon has a three year history of sales and earnings. For the fiscal year ending 9/30/05, sales exceeded $2.6 million, and net income exceeded $545,000. The company has successfully drilled or reworked 65 natural gas wells. Plans are to rework another 50 wells during the next 12 months, and to complete more than 25 new wells in 2006 and 2007. Its operations are in West Virginia and Kentucky on leaseholds that aggregate approximately 15,000 acres.
