FNAT.pk (.019) First National Entertainment Corp. Focus on the Appalachian Basin
Tuesday, February 12 2008 - 7:30
FNAT $0.019 $0.004 (%26.67)
ORLANDO, FL -- (MARKET WIRE) -- 02/12/08 -- First National Entertainment Corp. (PINKSHEETS: FNAT) announced here today it is focusing its initial efforts in oil and gas in the Appalachian Basin, concentrating in Tennessee.
The Scott, Morgan, and Fentress Counties of upper east Tennessee are well known for shallow oil and gas production, some with high rates of flow. The area is known for multiple pay zones, including the Monteagle Limestone, the Ft. Payne Limestone, the Chattanooga Shale as well as the deeper Trenton-Black River and Knox groups.
Our initial plan is to build a lease position in Morgan, Scott and Fentress counties for future drilling as well as acquiring well bores in which the Chattanooga Shale is exposed. We believe the Chattanooga Shale is destined to become a major source of natural gas for the eastern seaboard. One recently drilled horizontal well in Morgan County had an open flow of 3.9 MMCF per day.
First National Entertainment Corp. is a publicly traded independent oil and gas company. The company is now under new management and is focused on maximizing shareholder value by building a diversified portfolio of oil and gas assets in the Appalachian Basin, Texas, and Oklahoma.
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although First National Entertainment Corp. believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
Jerry White
President
Email Contact
407 590 9842
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