Blaze Energy Provides Operational Update for Q1 2009
2009-02-25 07:00 ET - News Release
BOISE, ID -- (MARKET WIRE) -- 02/25/09
Blaze Energy Corporation (PINKSHEETS: BLZE) announced today that it surpassed its initial expectations for 2008 and has exceeded the goal to participate in over 100 wells in the Fayetteville Shale play. Moreover, Blaze Energy met its internal expectations and has reached its revised goal of having more than 70 wells producing by end of calendar 2008.
"Blaze Energy has obtained significant success from its participation in the Fayetteville Shale play. We are very pleased with our investment and have exceeded our previous expectations of participating in over 100 wells and producing in over 70 wells by year's end," stated A. Leon Blaser, CEO of Blaze Energy. "Currently, we participate in over 140 wells, with 86 wells producing and selling gas. Furthermore, we have a number of additional wells within the drilling process."
Though goals were ultimately achieved, results could have been higher if progress was not hampered by the ability to market natural gas from the Fayetteville Shale and low commodity pricing during the fourth quarter of 2008. Capacity issues affecting the ability to market natural gas from the Fayetteville Shale was eased in December of 2008 when a new pipeline was finished and brought online.
Blaze Energy is an independent oil and gas exploration and production company. One of its main assets is in the Fayetteville Shale natural gas play where the company participates in over 45,000 gross acres of exploration. Blaze Energy believes that the Fayetteville Shale field represents one of the most promising unconventional gas finds in the United States.
About Blaze Energy
Blaze Energy Corporation (BLZE) is a natural gas exploration and production company. Blaze Energy Corporation is primarily engaged in the Fayetteville Shale gas project in Arkansas, through working interests it owns in drilling units located in Van Buren, Cleburne and Conway counties. For more information, please visit its website at www.blazeenergy.net, or search the Company's public filings at www.sec.gov.
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