News: Bonanza Oil & Gas Apclark Field Reserves Estimates Exceed $34mm
HOUSTON, TX -- (Marketwire) -- 02/03/10 -- Bonanza Oil & Gas, Inc., a Nevada Corporation (OTCBB: BGOI) (the "Company") independent oil and gas company, is pleased to report on the oil and gas development for the Company.
Bonanza Oil & Gas has reported increased production at its second Apclark Field location in the Spraberry zone. Our working interest PV 10 value of $17mm per a third party engineering report previously reported was of just the Spraberry zone. Bonanza estimates that its actual reserves of Apclark Field Zones for both Spraberry and Worlfcamp may exceed $34mm.
The Company has leases on the Damon Salt Dome. The industry does not typically prove up reserves in salt domes; however, the Company believes that there may be $6mm of additional PV 10 value for Bonanza at the Damon Mound.
"We are very excited production is increasing at our Apclark property and we are looking forward to capitalizing on the increasing price of oil," stated Bill Wiseman, CEO of Bonanza Oil & Gas.
About Bonanza Oil & Gas, Inc.
Based in Houston, TX, Bonanza Oil and Gas, Inc. holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in Proven Undeveloped CPUDS) properties.
Safe Harbor Statement
Some of the statements made by the Company in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. The Company believes that its primary risk factors include, but are not limited to: production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others. Additional information concerning these and other important factors can be found within the Company's filings with the Securities and Exchange Commission.
Statements in this press release should be evaluated in light of these important factors.
Contact:
Bill Wiseman
President and CEO
Bonanza Oil & Gas, Inc.
Tel: (713) 333-5808
bwiseman@bonanzaog.com
Published Feb. 3, 2010
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