US Natural Gas Corp Update on West Virginia Operations Last update: 3/10/2011 10:15:00 AM
US Natural Gas Corp WV places 61 wells into production
ST. PETERSBURG, Fla., March 10, 2011 /PRNewswire via COMTEX/ -- US Natural Gas Corp (otcqb:UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to update shareholders on the accomplishments of its West Virginia Operations over the course of the past year.
Through the Company's wholly owned subsidiary, US Natural Gas Corp WV, 61 of the 117 natural gas wells acquired through the Wilon Resources acquisition have been placed into production. In addition, the Company has completed the fabrication of a Hydrogen Sulfide detection facility, Hydrogen Sulfide treatment facility, installed a Glycol treatment tower, fabricated a new meter run tying production into Columbia Gas Transmission's line, constructed a storage facility, installed a new compressor station, and repaired or replaced over 7 miles of the gathering system. In December 2010, the Company entered into a new purchase agreement for its production lowering the sales cost by approximately 75%.
"As we recently announced, our current focus is in placing the remaining shallow and deep wells into production," stated Wayne Anderson, President of US Natural Gas Corp. "Much of our focus in 2010 was placed on the infrastructure for gas delivery. Now that this is complete, we can concentrate on building daily production and increasing revenue."
About US Natural Gas Corp US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells.
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