Unfortunately, EGSRE partner Double D (private) just opted out on their existing agreement. This news came out just about an hour ago, but it doesn't show up on EGSRE news yet.
Bad timing, as investors are already sensitive to EGSRE filing delays. Not good news, so I did the dumpdance before my EGSRE coach turned into a pumpkin.
Double G Energy Halts Further Development with Energas 1/25/05
CARROLLTON, Texas, Jan 25, 2005 (BUSINESS WIRE) -- Double G Energy, Inc., a privately held oil and gas exploration company in Carrollton, Texas, announces that it is suspending further development of gas wells with Energas Resources, Inc. (OTCBB:EGSRE) in Kentucky in the Bluegrass Drilling Program. Double G entered into a contractual agreement on May 28, 2004 with Energas and its subsidiary TGC, Inc., the Operator, to drill up to 200 wells in their Pulaski County prospect, of which Phase 1 was to consist of 55 wells. Only twenty of those wells have been drilled to contract depth but none of these wells have been completed as of this date.
Double G notified Energas on Oct. 5, 2004 that no more wells would be funded by Double G until certain goals were met including the connection and completion of the first 20 wells. Double G has not been satisfied that sufficient progress has been made to proceed any further at this time. "We are disappointed with Energas' performance so far," said Mr. Steve Gray, CFO of Double G. "This project has so much potential, but there have been too many delays on behalf of Energas. Energas is in default under our agreement and we believe there are potentially serious issues of execution and accountability on the part of management of Energas," he said. "They have repeatedly failed to meet agreed upon deadlines costing us and our investors significant revenues. We are considering all possible alternatives to get these twenty wells completed and producing at the expected levels represented by Energas to protect our investment." Mr. Gray further stated, "Double G sincerely hopes this is resolved quickly and Energas' management will apply themselves to completing our existing wells. Their credibility has been severely eroded with us and our investors. We have been very clear with Energas about the importance of their performance and what needs to be done to produce the wells correctly. Execution and performance are very important factors to the overall success of any prospect, and our experience over the past seven months with Energas has caused us to reconsider our involvement with them."
Double G is moving forward with its other drilling programs in Tennessee and expects to commence drilling on those wells during the first quarter of 2005. Those programs will allow Double G to drill up to 300 wells over the next three years.
SOURCE: Double G Energy, Inc.
Double G Energy, Inc., Carrollton Max Golden, 972-418-1577
marvelmeister ... would you please comment on our management, especially scott shaw...i spoke with him this noontime and he did not have a clue about this scathing pr from double g energy. i asked him twice about the october 5th 2004 notice about double g not going to fund no more wells. he just seemed to ignore the question... he said they have 400,000 and they can drill on their own now and receive 100% of all revenues if they had to...i too doubled my moderate position yesterday...but now are completely by this pr...tia on your thoughts
News 
Market Data 
Discover 
AI
