Oil and Gas Plays

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PXTE Paxton Energy Announces Production From the Cooke Ranch #3 Well
PR Newswire - November 22, 2005 9:03 AM (EDT)

RANCHO CORDOVA, Calif., Nov 22, 2005 /PRNewswire-FirstCall via COMTEX/ -- Paxton Energy, Inc. (OTC: PXTE) announced today that the company has been advised by the operator Bayshore Exploration LLC, that sales of sweet crude oil have commenced effective November 17th 2005 from the Cooke Ranch #3 Escondito discovery well (CR#3) at the Cooke Ranch Field, La Salle County, Texas. Currently, the CR#3 is producing natural gas at rates of 250 thousand cubic feet of gas per day (mcf) through a "14/64" choke and 175 barrels of oil per day (bbls) while recovering completion fluids. Production characteristics from the Cooke Ranch #3 well are expected to be consistent with existing production in the area from other Escondito fields.

Paxton's Chief Operating Officer, Keith Mckenzie stated, "We are excited with the new discovery in the Cooke #3 well of a commercial Escondito field. Several Escondito fields in the area are currently producing in excess of 8 million cubic feet a day of natural gas equivalent. The Escondito represents a low risk development resource that will greatly enhance shareholder value and will be our focus in the company's 2006 drilling schedule."


THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.

Contact: Richard Brunette, V.P. Corporate Finance, [phone], or [e-mail], or investor relations, Gordon Friesen, V.P. Corporate Communications, [phone], or [e-mail], both of Paxton Energy, Inc.

SOURCE Paxton Energy, Inc.