Petrol Oil and Gas Drills Eleventh Successful Well This Year at Petrol-Neodesha Property
Business Wire - November 16, 2005 8:46 AM (EDT)
LAS VEGAS, Nov 16, 2005 (BUSINESS WIRE) -- Petrol Oil and Gas, Inc. (OTCBB:POIG) announced today that it completed the drilling of its eleventh new well on its Petrol-Neodesha properties in southeast Kansas. The Company has successfully drilled eleven gas bearing coal bed methane (CBM) wells this year, representing a 100% success rate and has plans to continue drilling.
"The success we have had this year drilling on the Petrol-Neodesha properties represents an integral part of our growth strategy," said Paul Branagan, Petrol's Chairman and CEO. "The property offers us the opportunity to generate significant cash flow, through low-risk drilling activities, as demonstrated by our success this year. The last three wells that we have drilled and completed are already producing about 150 Mcfd into the sales line after only one week of de-watering. Our recently completed debt financing will support an aggressive development program for our Coal Creek project, while cash flow from Petrol-Neodesha will allow us to continue drilling and development at Petrol-Neodesha. With the additional capital, we expect to accelerate our drilling activities, which have resulted, during the past 6 months of this year, in 11 new wells, of which 8 are completed and producing gas, while the last three are awaiting stimulation and hook up to the sales line."
According to a December 31, 2004 Reserve Report, Petrol has gross Proved Reserves amounting to approximately 9.9 Billion cubic feet (BCF) within its Petrol-Neodesha properties. Petrol-Neodesha, located in the Thayer field, is a very active CBM gas producing area and lies within Wilson and Neosho counties, Kansas. Petrol currently produces natural gas from 80 producing wells in Petrol-Neodesha.
Forward-Looking Statement: The statements in this press release regarding the newly drilled wells, amount of gas production being derived from the wells, continued drilling efforts, actual and anticipated market conditions, any implied or perceived benefits from the Company's CBM assets, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the Petrol-Neodesha properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Petrol Oil and Gas, Inc.
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