rbtree: I'm new in the oil investing and I was wondreing if the is significient find on a opening of cap wells. Please give your thoughts on this aricle.
Updated: 06:45 PM EDT
Ness Energy: RockOil and Arbuthnot Venture Report Significant Discovery: Commercial Production Tests Verified, Sales Have Commenced
WILLOW PARK, Texas and NETANYA, Israel, Aug. 24 /PRNewswire-FirstCall/ -- Ness Energy International, Inc. (OTC Bulletin Board: NESS) wholly-owned subsidiary RockOil Energy of Texas, Inc., under project agreement with Arbuthnot Holdings Ltd., announced production test results on its Jerome Respondek #1 well, which may indicate a commercially significant oil and gas discovery. The Respondek is currently selling gas with substantial potential revenues to benefit all project participants.
Sha Stephens, President of RockOil, which is under venture with Arbuthnot Holdings Ltd., stated, "We thank Arbuthnot and its participants for joining the venture to help make it happen. Our accomplishment is a prime example of our work and investment paying off. Finding and selling oil and gas is paramount for the nation, our investors, and our shareholders." He further added, "Our accomplishment on the Respondek is a prime example of the caliber of prospects we have been putting together. I am focused on putting out news that tells what we have done. We continue to work for our shareholders to build shareholder value through increasing cash flow and adding assets. The 'New Outlook' that has been put in place and the increased professionalism and focus of our organization since the beginning of this year is and should continue to pay off."
RockOil /Arbuthnot Commercial Test Complete
Formal production testing appears to confirm a significant discovery of oil and gas on the Respondek, located in South Texas. Recent results include production of up to 2.2 million cubic feet of gas and 30 barrels of oil and condensate per day on a 12/64th-inch choke.
RockOil /Arbuthnot Commercial Sales
Recent production results appear to verify substantial sellable oil and gas. The well is complete, oil and gas is flowing, and sales have commenced. At present, the well has the availability with our gatherer to flow up to 5.0 million cubic feet a day of gas. RockOil estimates near term production without compression (an assistive procedure) will probably stabilize at approximately 2.0 million cubic feet of gas a day with up to 30 barrels of oil and condensate per day. With compression added in the next 30 to 60 days, RockOil estimates near term production may reach as high as 3.0 million cubic feet of gas per day with up to 50 barrels of oil and condensate per day.
Additional news is that due to its high quality, the natural gas produced from the RockOil Arbuthnot well should generally price at a premium to other local natural gas production. Current indications are the gas will be accepted in preference to other local production.
Underlying Specs
The RockOil Arbuthnot well (the Respondek) was re-worked to 13,500 feet measured depth ("MD") and logged gas pay in what the venture believes to be an Austin Chalk formation between 13,420 feet and 13,446 feet MD. The well was tested through 26 feet of perforations between 13,420 feet and 13,446 feet MD (the entire pay zone) at a flowing tubing pressure of 1,850 psi through a 12/64th-inch choke with a shut in tubing pressure measured at 4,850 psi. Production from the well did not require a hot tap, given currently in place infrastructure within 150 ft. of the well head.
About RockOil and Arbuthnot- the Project
The project provides for RockOil to operate and pursue three re-work/re-entry wells under contract with Arbuthnot, which is an overseas participant. Arbuthnot is a 75% participant with RockOil owning the remaining 25%. The Respondek is one of these wells and appears at present to be a long term producer. The venture participants actively cooperate to achieve their goals, resulting in what may be substantial revenues for both RockOil and the overseas participant.
Forward-Looking Statements
This news release includes forward-looking statements, such as estimates. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond the control of the companies. Important factors that could cause actual results to differ materially from those in such forward-looking statements are broad and some are enumerated in the filings by Ness Energy with the Securities and Exchange Commission. Undue reliance should not be placed upon any forward-looking statements, and the companies undertake no obligation to update those statements.
SOURCE Ness Energy International, Inc.
08/24/2005 17:20 ET
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Thank you in advance for your input. :o)
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