TRSI news - Trophy Resources to Drill its First New Well
CARLSBAD, Calif., Oct 05, 2006 (BUSINESS WIRE) -- Trophy Resources, Inc. (Pink Sheets:TRSI) is pleased to announce that they will have a drill rig on their Southwester Texas prospect Monday, Oct 9th, and will spud their first new well Tuesday or Wednesday (Oct 10th or 11th). A drilling Permit was pulled on Sept. 28, 2006 for this well which is planned for completion by Monday the 16th.
This location is surrounded by previously productive wells and is expected to produce from up to four known zones down to the Goen Reef at 4400'. "Our experts in the field expect to bring in a 50 to 100 BOE per day well," stated company COO Eric Leonetti. "Having already repaired two injection wells, and reworked one producer, we have now successfully prepared the leases for the economical disposal of the fluid we will be producing," added Mr. Leonetti.
Immediately following the completion of the new well, a work over rig will be moved on to this site. Of a potential three wells (depending on the results) two will be re-entered to the Goen Reef with the expectation of commercial production.
This project as part of the second Phase of R&W #1 is located in Runnel County Texas. Runnel County Texas has produced tens of millions of barrels of oil and is geologically situated within a trend of Pennsylvania Age productive reservoirs comprised of limes and sands between the Bend Arch Axis and the Fort Chadbourne fault system. This Southwest Texas prospect encompasses multiple leases covering an area over 600 acres. Development in the prospect is expected to continue for the next 18 to 24 months. The Company anticipates having more than twenty-five wells on-line in this period using a combination of methods including re-entry work, new drilling and a water flood program.
About Trophy Resources
Trophy Resources, Inc. (www.trophyoil.com) is a publicly traded company dedicated to building a diverse portfolio of high value, low risk energy and mining projects. The Company's goal is to evaluate profitable options, build a solid foundation of assets through acquisition of land and/or leases, and explore and develop opportunities on these leases.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Trophy Resources, Inc. is an exploration with limited experience in the oil and gas industry. At the time of this release Trophy Resources lacks the financial capabilities to meet its financial obligations and its management expects to dilute the company's shares to raise the necessary operating capital. Based upon industry standards Trophy would be considered highly speculative and lacks any competitive advantage over its competition. Additional risks you should consider, this list is limited and additional risk not mentioned may apply: failure to meet Trophy's financial and contractual obligations, Trophy's managerial errors made based upon the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements.
SOURCE: Trophy Resources
CONTACT: Trophy Resources
Eric Leonetti, COO, 866-284-8617
Copyright Business Wire 2006
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KEYWORD: United States
North America
California
Texas
INDUSTRY KEYWORD: Energy
Oil/Gas
Natural Resources
Mining/Minerals
