RGNO Announces Successful Pooling of Questar Exploration & Production Minerals
Business Wire News ReleasesPublished: 08/17/07 02:11 PM
Regions Oil and Gas, Inc. (Pink Sheets:RGNO) announced today the procedure of forced pooling, with the intention of engaging Questar Exploration & Production (NYSE:str) and others, has been completed. The ruling by the Oklahoma Corporation Commission was signed on July 30th 2007. Questar was given 15 days to respond and has decided to not participate and as a result they have been paid their bonus money in accordance with the OCC ruling. This gives Regions the ability to drill several new wells in a proven field with the possibility of between 40,000 and 60,000 BBLs of recoverable oil from each new shallow well.If the utilization of new technology that was not readily available when this lease was originally produced is implemented, these numbers could increase. Drilling could commence in the next 60 days.
Tomorrow, August 18, 2007, there will be a Board of Directors meeting to be held at the Beggs, Oklahoma office to discuss, among other items:
Current Project Status
Future Revenue Generating Projects
The West Texas Play
Current and Future Affiliations with Third Party Oil and Gas E & P Companies
Shareholder Communications
Future Acquisitions
Water Disposal Facility Progress
“This entire process took some time.We had to make sure everything was signed and sealed before we could provide any news so that we did not cause any issues that could derail our efforts. While this play does not meet Questar's current area of interest, it matches our philosophy and fits perfectly into our business model. We are very excited this has come to a close and hope to begin drilling soon,” stated Greg Dartez, Secretary, Regions Oil & Gas, Inc.
Greg went on to say, “There has been a lot of dissatisfaction with our current procedure on updating share holders.We are working on a process to be more proactive in our communications. Our goal is to provide appropriate, factual and timely information, with out giving the impression we are putting out news just to put it out. Most of our efforts require us to keep the information close to our hearts until we have deals locked up. This helps to insure we do not get knocked out of the running by some larger company. There are plenty of 'Old forgotten fields' out there and when we find one that meets our objectives we don’t want to lose it. Our main goal has been, and always will be, to conduct operations with our shareholders' best interest in mind.”
About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation (“Regions” or the “Company”) was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. The Company solicits and acquires from accredited and institutional investors, the capital necessary to lease, develop, and complete oil and gas wells. Their philosophy and strategy is “Bringing New Life to Old Forgotten Fields.” The fields in question were generally produced in the early 1900’s with the mind set and technology created during the industry’s infancy. As a result, these wells have large amounts of oil still in reserves.
Disclaimer:
Certain information included in this communication contains statements that are forward looking, such as statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.
Contacts:
Regions Oil & Gas, Inc.
Greg Dartez, 1-877-9REGION
www.regionsoil.com
Regions Oil and Gas to Acquire 1800 Acres and 50 Wells
Business Wire News Releases Published: 09/17/07 10:29 PM
Regions Oil and Gas, Inc. (RGNO) announced today that they have entered into an agreement with an independent operator to acquire 1800 acres in Central Oklahoma with 50 equipped wells. The field is currently producing 14 to 18 BBLs per day. After acquiring the lease and production, Regions intends to rework the non-producing wells. Utilizing modern and experimental techniques, Regions anticipates increasing the production of this field to 100 to 150 barrels per day with out drilling any new wells.
Each of the wells located on this lease have multiple unproduced, proven pay zones located behind pipe. Several of these zones have been known to produce in excess of 500 BBLs Per day and 1.5 MCF per day.
This lease also gives Regions the ability to drill multiple new wells along with the possibility of several secondary recovery projects.
The deal will be financed with a combination of stock and cash.
“This lease has been owned and operated by the same operator for the last 50 years, using old and outdated techniques. Several of the wells have fallen in to a state of disrepair and are in need of some work. I am confident if we utilize Regions resources and our connections in the patch, we can produce 2-3 bopd per well, while keeping our cost per barrel down. This could add up to $1.5 Million annually to our bottom line. I will be traveling to Oklahoma on the 24th of September to meet with the operator, tour the lease and finalize the details of the deal,” stated Jerry Griggs, President Regions Oil and Gas, Inc.
About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation (“Regions” or the “Company”) was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. Their philosophy and strategy is “Bringing New Life to Old Forgotten Fields.” The fields in question were generally produced in the early 1900’s with the mind set and technology created during the industry’s infancy. As a result, these wells have large amounts of oil still in reserves.
Disclaimer:
Statements released by Regions Oil and Gas, Inc. that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Contacts:
Regions Oil & Gas, Inc.
Jerry Griggs, 972-308-8533
1-877-9REGION
Regions Oil and Gas Makes Initial Payment on Acquiring Acreage Block With Potential $250 Million of Recoverable Oil
Business Wire News ReleasesPublished: 09/21/07 11:48 AM
Regions Oil & Gas (Pink Sheets:RGNO) announced today they have made an initial payment towards acquiring a 620 acre block located in located in West Texas. Regions and their team estimate this acreage block contains up to 4 Million barrels of recoverable oil. At today’s prices, that is over $250 million in gross revenue.
This Acreage has never been explored and shows all of the geologic characteristics of a major field discovery located directly to the east of this block.
“It has been a challenge to get this lease done. Our plan was to lock up as much land in the immediate area as we could, and it looks like we have succeeded. If the potential is what we think, we do not want anyone coming in after we drill and taking advantage of our hard work. There are multiple land and mineral owners, so to get all of the land we wanted took some time. But we are right on track and I remain very excited about this play and am looking forward to drilling,” stated Jerry Griggs, CEO.
About Regions Oil & Gas, Inc.: Regions Oil & Gas Corporation (“Regions” or the “Company”) was formed to initiate, manage, acquire, supervise and operate oil and gas ventures and to otherwise engage in the oil and gas industry and exploration business. Their philosophy and strategy is “Bringing New Life to Old Forgotten Fields.” The fields in question were generally produced in the early 1900’s with the mind set and technology created during the industry’s infancy. As a result, these wells have large amounts of oil still in reserves.
Disclaimer:
Statements released by Regions Oil and Gas, Inc. that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Contacts:
Regions Oil & Gas, Inc.
Jerry Griggs, 1-877-9REGION
www.regionsoil.com
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