ACKO Austin Chalk Oil & Gas, Ltd. Announces Restarting of H12 Well [DYVSPRB]
HOUSTON, March 23 /PRNewswire-FirstCall/ -- Austin Chalk Oil & Gas, Ltd.
(OTC: ACKO) announced this morning that its Edgmon-Cameron H12 well has begun
to produce again. The restarting of the well has resulted in an increase in
production of both oil and gas, due in part to the patented methods employed
by our operator to isolate the upper lateral and utilize the greater pressure
present in the lower lateral.
The well previously had been producing oil, water and gas at low rates due
to low bottom pressure, which is normal for the area. The engineers
monitoring the results are encouraged by the upward production trend. Our
operator's patented methods being utilized on this well, and which will be
applied to the next four wells in our current five well program, are proving
to result in maximized production. Steadily increasing rates of production
for Edgmon-Cameron H12 are expected throughout the next month.
About Austin Chalk Oil & Gas.
Austin Chalk Oil & Gas, Ltd. (OTC: ACKO) is a development stage energy
company based in Houston, Texas. ACKO's current contracts involve the company
re-drilling repurposed wells -- wells known to contain oil, which due to
insufficient technology in the past, were abandoned by their owners. These
wells usually contain pockets of unprocured oil, which were hard to reach with
the drilling techniques that had long been in favor throughout most of the
world. Relatively recent developments in drilling technology have been made
which allow companies like ACKO to repurchase those wells at a deeply
discounted price, who then must make only a few inexpensive modifications to
the well rig and can then commence extracting oil from a known-producing well.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This news release contains forward-looking information within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including statements
that include the words "believes", "expects", "anticipates" or similar
expressions. These include the failure of any of the conditions to closing
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attracting necessary management, a delay in the formal launch of the website,
raising the necessary capital to fund business operations and potential market
competition. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of the Company to differ materially from those expressed or
implied by such forward-looking statements. (Such factors include, among
others, the risk factors contained in the company's Annual Reports and other
filings with the Securities and Exchange Commission.) In addition,
description of anyone's past success, either financial or strategic, is no
guarantee of future success. The Company will remain dependent upon future
financing for its growth and development, and for it to successfully implement
its business plan. No statement contained herein should be construed as
indicating that such financing is or will be available, and if available, will
be on terms favorable to the Company. This news release speaks as of the date
first set forth above and the Company assumes no responsibility to update the
information included herein for events occurring after the date hereof.
SOURCE Austin Chalk Oil & Gas, Ltd.
Marlen Roepke, CEO of Austin Chalk Oil & Gas, Ltd., +1-713-780-7633
23Mar05 13:30 GMT
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