Sebastian River Holdings, Inc. Applies for Stripper Well Consortium Membership
TORRANCE, CA - March 21, 2013- Sebastian River Holdings, Inc. (OTC:SBRH), a holdings company with a current focus in the Oil & Gas industry, is pleased to announce that it has fulfilled application requirements for membership to the Stripper Well Consortium, an industry-driven consortium that is focused on the development, demonstration, and deployment of new technologies needed to improve the production performance of natural gas and petroleum stripper wells. SWC was established through a cooperative agreement between the U.S. Department of Energy (DOE) and The Pennsylvania State University.
SBRH Director, Peter Matousek, states, “This is one of many steps we are taking to enhance our business initiatives. SWC membership, as their materials state, can economically develop technologies that will extend the life and production of the nation's stripper wells.”
According to the Interstate Oil and Gas Compact Commission, “The IOGCC defines a marginal (stripper) well as?a well the produces 10 barrels of oil or 60 Mcf of natural gas per day or less. Generally, these wells started their productive life producing much greater volumes using natural pressure. Over time, the pressure decreases and production drops. That is not to say that the reservoirs, which feed the wells, are necessarily depleted. It has been estimated that in many cases marginal wells may be accessing a reservoir which stills holds two-thirds of its potential value.”
Matousek adds, “The potential for stripper well production is enormous as a whole and we are thrilled to be an active Company in the business of secondary recovery and feel the membership may lead to synergies with vendors and operators that complement our business model as well as additional funding opportunities for expansion. Spring is upon us and we are still on schedule to a number of wells up and running by this Summer.”
The Company is currently meeting with its Operator for benchmark reports and will release details on the corporate website and/or via press release in the coming days.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Sebastian River Holdings, Inc. Peter Matousek, 424-258-0167
2964 Columbia St, STE B4833 Torrance, CA 90503-3806
