NEWS --
PAMPA, Texas, Oct 04, 2010 (BUSINESS WIRE) -- Chancellor Group, Inc. (OTCBB:
CHAG), a Texas-based oil and gas producer, announced today an increase in its
oil production of approximately 20 percent.
Chancellor Chairman , Maxwell Grant, said today that 3 of the additional 16 wells
bought in May were now producing.
"The three wells combined are pumping approximately 8 barrels of oil per day
(BOPD), seven days a week," Mr. Grant said.
"This equates to about a 20 percent increase.
"Whereas there are no production guarantees in the oil industry, we have allowed
time to have passed what is normally called, 'flush' production when wells are
brought back on after being shut in for some time.
"We still have another 12 wells to re-enter (one is a salt-water disposal well)
and are optimistic about further possible production increases.
"There is also potential for increased gas production."
Chancellor has a fully-bonded operator's license with the Texas Railroad
Commission through its fully-owned subsidiary, Gryphon Production Company, LLC.
For fuller information on both companies see Chancellor's filings at
www.sec.gov.
Safe Ha rbor Statement:
This Media release contains statements which may constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act
of 1995. Those statements include statements regarding the intent, belief or
current expectations of Chancellor Group, Inc., and members of its management as
well as the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to management that
could cause actual results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete successfully
a nd the ability to complete before-mentioned transactions. The company
undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
to future operating results.
SOURCE: Chancellor Group, Inc.
CONTACT:
Chancellor Group, Inc.
Pamela McDowell, 806-688-9396
shareholders@TheChancellorGroup.com
Copyright Business Wire 2010
-0-
KEYWORD: United States
North America
Texas
INDUSTRY KEYWORD: Energy
&n bsp; Oil/Gas
SUBJECT CODE: Product/Service
