Regions Oil and Gas Provides Progress Updates on Multiple Oil/Gas Wells
Friday May 11, 6:00 am ET
DALLAS--(BUSINESS WIRE)--Regions Oil & Gas, Inc. (Pink Sheets: RGNO - News) announced today several updates to ongoing projects.
Regions has finished completing the Gua #1. This well is currently on line and initial production numbers will follow in future updates.
The Gua #2 is currently in line for an advanced formation fracture technique to be completed as soon as the weather allows. Depending on how the technology works, the WD #1 will utilize the same technique. Regions anticipates that the production levels of these two wells could reach the production levels of a near by well that blew out of control for 15 days before being shut in (approximately 5 MMCF per day).
The issues that have kept the Iwo lease from production have been dealt with and Regions is currently awaiting final approval to resume production. Once approval has been granted the Iwo #2 will be perforated up hole to exploit a zone that had a strong show of oil during drilling.
The west Texas play is still in progress and is awaiting final approval from the land and mineral owners to proceed with the test well.
Lease documents have been finalized and signed by all parties adding an additional 80 acres to their current 700 acres, located in an area with proven production. This location has favorable spacing requirements providing up to 10 additional drill sights.
Work continues on acquiring the remainder of the lease necessary to build a commercial water disposal facility in Muskogee County, Oklahoma. This project has potential to provide additional revenue beyond what was originally estimated, as there has been over 25 new permits to drill issued in the last 180 days. Each of these projects will have a need to dispose of any produced water during drilling and during future operations.
"I want to apologize for the lack of updates in recent months. We have been diligently searching for innovative and cost effective solutions to problems that have come up along the way, bringing wells on line, and at the same time evaluating new prospects for future growth. As time goes on and revenue comes in, I hope the share holders will be pleasantly surprised by the amount of work that has been accomplished in this short amount of time and the benefits it could bring to Regions Oil and Gas and its share holders. Please be patient with us as we are working for you and are making every effort to turn Regions into a recognized and respected company in this industry," stated Jerry Griggs, CEO Regions Oil and Gas.
About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation ("Regions" or the "Company") was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. The Company solicits and acquires from accredited and institutional investors, the capital necessary to lease, develop, and complete oil and gas wells. Their philosophy and strategy is "Bringing New Life to Old Forgotten Fields." The fields in question were generally produced in the early 1900s with the mind set and technology created during the industry's infancy. As a result, these wells have large amounts of oil still in reserves.
Certain information included in this communication contains statements that are forward looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.
Regions Oil & Gas, Inc.
Jerry Griggs, 1-877-9REGION
Source: Regions Oil & Gas, Inc.