New Century Energy Corp (NCRE)

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http://journals.aol.com/qualitystocks1/qualitystocks.net/entries/2008/06/16/new-century-energy-corporation-ncey.ob-discovers-new-oil-during-drilling-program/3797

Monday, June 16, 2008
9:18:00 AM EDT New Century Energy Corporation (NCEY.OB) Discovers New Oil During Drilling Program


New Century Energy Corporation (OTCBB: NCEY) announced that they have come upon a new oil discovery stemming from their current drilling program in McMullen County, Texas. The recent report indicates positive results and continued success regarding their newest oil completion in the San Miguel Creek Field. The Rabke-Maspero unit #4 well was recently completed at a depth of 5,500 feet and has been consistently flowing over the past week at rates in excess of 85 barrels of oil per day.

New Century’s CEO, Edward DeStefano commented on additional pipe reserves that are in production, “We own 100% of the working interest in this well through our subsidiary Gulf Coast Oil Corporation. In addition to this completion in the Wright Sand, we have also identified probable behind pipe reserves in this well that will be production tested after the current completion depletes. The production facility is built and oil sales have already commenced from this new well.

“Also, during May we drilled and set production casing in two new additional wells in this field and completion operations on these wells will commence next week. Based on our ongoing 3D seismic interpretation program in McMullen County, we have identified numerous additional drilling prospects on company-controlled acreage, and plan to continue drilling throughout 2008 and into 2009,” Mr. DeStefano concluded.

New Century engages in the acquisition, development, exploration, production, and sale of oil and natural gas in Texas. Their oil and gas properties are located in the following counties of Texas: Matagorda, McMullen, Goliad, and Wharton. The company has proved reserves of 1,613,000 barrels of crude oil and 3.0 billion cubic feet of gas, as of December 31, 2007.

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