AQCI - Aquatic Announces Hamill Project Evaluation Reveals Additional 84 Million Cubic Feet in Proven Gas Reserves to Aquatic; Company Raises Potential Gross Revenue Estimates to $17.9 Million
Thursday September 14, 6:00 am ET
VERNON, BC--(MARKET WIRE)--Sep 14, 2006 -- Aquatic Cellulose International Corp. (Other OTC:AQCI.PK - News) is pleased to announce that the 2006 evaluation of its Hamill Lease by R.A. Lenser and Associates, Inc. of Houston, Texas has revealed an estimated 84 million cubic feet (84,000 mcf) in additional proven gas reserves. As a result, the Company raised total revenue estimates from this project to $17.9 million based on realizing proven and possible reserves.
Aquatic CEO, Sheridan Westgarde, stated, "Lenser's re-evaluation showed Hamill has nearly 2.5 billion cubic feet in proven and possible undeveloped gas reserves. Not only have we increased our proven reserves by 35%, but also the 3-D seismic analysis has provided the joint development project with a wealth of new information that will greatly enhance the ability to target additional production. This is yet another positive step forward in our participation in the continued development of Hamill."
In January of 2005 R.A. Lenser and Associates, Inc. was contracted to perform an evaluation of AQCI's Hamill Lease to provide estimates on future production and revenue potential. In January of 2006 Lenser's evaluation identified an estimated 324 million cubic feet (324,000 mcf) in proven gas reserves and 2 billion, sixty-four million (2,064,000 mcf) in potential undeveloped reserves that if realized would be worth $17.9 million in future gross revenues.
AQCI's Hamill Lease is a 3,645-acre natural gas producing property located in South Sargent Field, Matagorda County, Texas. This long-term lease with Hamill & Hamill is permanently secured by production. Aquatic currently owns a 20% working interest and 16% net revenue interest in the Hamill Lease.
Westgarde concluded, "I am pleased by the positive news of our increase estimates in proven reserves and excited about our potential for future revenue growth. As we focus on the expansion of existing operations, we will continue to pursue an aggressive growth strategy designed to better position the Company over the long term. I look forward to sharing news of our progress in this key area in the near future."
About Aquatic Cellulose International Corp.
Aquatic Cellulose International Corp. (pending name change to Valor Energy) is an energy company engaged in oil and gas redevelopment, drilling and production. In 2003, the Company acquired (non-operating) interests in two oil and gas fields located in Texas. Aquatic is focused on the redevelopment of these properties and other properties with a history of production, while also expanding into exploration and development of new properties.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
Contact:
Contact:
Aquatic Cellulose International Corp.
Sheridan B. Westgarde
President & CEO
Investor Relations
(503)502-5104
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Source: Aquatic Cellulose International Corp.
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