King Resources Inc (KRFG)

[bigbadben]

King Resources Announces Start of Gas Well Re-Completion Program

TUESDAY , JULY 24, 2001 11:03 AM

GULFPORT, Miss., Jul 24, 2001 /PRNewswire via COMTEX/ -- King Resources Inc., (OTC Bulletin Board: KING.OB) www.kingresources.com , announced today that a KEY ENERGY work-over rig arrived on location yesterday on the Hawkins Ranch in Matagorda County, Texas to begin the re-completion of five wells in which KING has a carried interest. The last full month of production in January, 2001 for these wells was 72.036 million cubic feet of gas. When the rework is completed, those flow rates are expected to improve.

KEY's crew is preparing locations and roads for two new wells in which KING will have a carried twenty-five percent working interest. These wells will be drilled as soon as a drilling rig moves onto location and are expected to be completed and double production prior to the anticipated higher gas prices for the forthcoming winter.

This press release contains forward-looking statements, such as future development activity. KING notes that there are a variety of factors that could cause the actual results to differ materially from the anticipated results expressed.



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