OSKA Osyka Announces Closing on Acquisition of Una West Oil Field Business Wire "Press Releases - English"
HOUSTON --(BUSINESS WIRE)-- Osyka Corporation (Pink Sheets: OSKA), a Houston -based energy company specializing in the exploration, production, development, and acquisition of oil and gas properties, today announced that it has closed on the acquisition of Una West Field in Victoria County, Texas . The acquisition was completed on December 31, 2010 through Osykas wholly owned subsidiary, Osyka Permian, LLC .
The field appears to have upside gas potential in a shut-in well, said Osyka founder and CEO Michael Harness . Osykas highly experienced team will work expeditiously towards evaluation of behind pipe potential in the shut-in wells.
The company is in negotiations with a natural gas pipeline company to tie in the gas well to its nearby sales line. Other shut-in wells in the field are being evaluated for potential workovers to restore oil production. The field is currently making 20 BOPD and no gas sales. Management believes that existing production could double from this field within 45 days. Recent work on wells in Osykas other operated fields plus this new acquisition may enable the Company to double its current net cash flow within the first quarter of 2011. Osykas management team has identified several new opportunities in the area that could re-establish the Victoria / Jackson County area as a core operating unit for the Company.
The companys management team has a strong track record of finding underdeveloped oil and gas exploitation opportunities principally in the onshore Louisiana , Mississippi and Texas Gulf Coast . Currently, the company has an interest in approximately 30 wells in Texas and Mississippi , with an average working interest of 70%.
ABOUT OSYKA CORPORATION
Osyka Corporation is an oil and gas company headquartered in Houston, Texas , and is a Nevada corporation. The company is an independent exploration and production company with a focus on acquiring producing oil and gas properties located onshore in the Gulf Coast with upside economic potential.
For company information, visit www.osyka.com.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words may, would, could, will, intend, plan, anticipate, believe, estimate, expect and similar expressions are intended to identify forward-looking statements. Such statements reflect Osykas current views with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to differ materially from the statements made including those factors detailed from time to time in filings made by Osyka with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Osyka does not intend and does not assume any obligation to update these forward-looking statements.
Osyka Corporation : For Media or U.S. Investor Information Contact: Martin E. Janis & Company, Inc. Laura Grock , 312-943-1106 lgrock@janispr.com
Source: Osyka Corporation
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