News for 'WWNG' - (WW Energy Issues Update on Wells in Terry County, Texas)
FARMINGTON, N.M., Mar 06, 2008 (BUSINESS WIRE) -- WW Energy Inc. (Pink Sheets:
WWNG) - a holding company that was created to acquire oil and gas service
companies as well as oil and gas-related assets - announced that th e Company has
signed a Letter of Intent for the Producing Wells in Terry County, Texas.
WW Energy is moving forward on wells, and hopes to finish engineering study
soon.
WW Energy Inc. has the opportunity to purchase a working interest in the field
mentioned above. This would give the company a cash flow of approximately
$500,000.00 per month. The total field is producing approximately 2,150 bbls. of
oil and 3,985 mcfd per day. More than 50 wells have been drilled since late 1999
with another two dozen wells identified to drill so far, some being development
wells, and some wildcat. There were six wells newly completed and online as of
October.
The portfolio is ideally suited for a company seeking new exploration and
development opportunities while enjoying strong cash flows being generated from
executed projects to date. Such a company will appreciate the strategic
ownership of critical pipeline infrastructure, proprieta ry seismic data and
participation in key wells and leases.
Forward-looking statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Statements in the release
that are forward-looking statements are based on current expectations and
assumptions that are subject to known and unknown risks, uncertainties, or other
factors which may cause actual results, performance, or achievements of the
company to be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking statements. Actual
results could differ materially because of factors such as the effect of general
economic and market conditions, enter into markets with vigorous competition,
market acceptance of new products and services, continued acceptance of existing
products and services, technological shifts, and delays in product develo pment
and related product release schedules, any of which may cause revenues and
income to fall short of anticipated levels. All information in this release is
as of the date of this release. The company undertakes no duty to update any
forward-looking statement to conform the statement to actual results or changes
in the company's expectations.
SOURCE: WW Energy Inc.
CONTACT: WW Energy Inc.Olin Glover, 505-326-1322
Copyright Business Wire 2008
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