Domestic Energy Acquires 90 Wells With Shale Potential
14 Maio 2008 - 9:30AM
Marketwired
HONEOYE FALLS, NY announced here today it has acquired the
working interest and operating rights to more than 90 wells in
Tennessee with Chattanooga Shale potential.
"Initially, we plan to re-complete and stimulate several of
these wells that are currently producing limited amounts of crude
oil and natural gas," explained Larry Hillabrandt, Domestic CEO.
"The long term potential is the development of the Chattanooga
Shale in these wells. The Chattanooga Shale, like the Barnett Shale
in Texas and the Marcellus shale in Pennsylvania and New York has
been overlooked until just recently, when new stimulation
techniques have opened the door to development of this source of
natural gas," he added.
Domestic Energy Corp., an independent oil and gas exploration
and development firm, acquired the wells from several
Tennessee-based privately owned companies, in a cash and stock
transaction. The firm plans to evaluate the wells in the coming
months, rank the wells based on potential and begin stimulating the
shale, while building a gas gathering system to transport the gas
to an interstate market.
Hillabrandt noted that the newly acquired wells are within 17
miles of a Consol Energy Chattanooga Shale well that had an IP of
3.9 MMCF of gas per day. "For the time being we will focus on
evaluating, prioritizing and stimulating our vertical wells, and we
will evaluate the potential for drilling one or more horizontal
wells in the future," he added.
This news 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 Domestic Energy 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.
Larry Hillabrandt Email Contact DomesticEnergyCorp.com
Domestic Energy (CE) (USOTC:DMEC)
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