Cressent Energy (FOGC) Main Oil Development
17 Maio 2011 - 9:00AM
Marketwired
Fortune Oil and Gas' (PINK SHEETS:
FOGC)(http://www.fortuneoilandgascorp.com) subsidiary Cressent
Energy (http://www.cressentenergy.com/) is pleased to provide its
followers on the development plans of the company's most promising
leases in Texas.
Besides reopening old wells, the company also holds several
promising undeveloped leases in Texas. Study is currently being
conducted on this field (6 individual leases) south of Huston.
These leases are located in what is known as Liberty Salt Dome.
Cressent Energy purchased these leases in 2010 as "Proven
Undeveloped Drill Sites" (PUDS). The reserve oil report for the
site has been developed previously in 1990's, but the production on
the leases never came to fruition and the formations never been
produced (drilled).
The company is in possession of an old, very positive reserve
oil report (from previous owner). As the production of these leases
never materialized, the reserve difference should be negligible,
however, with the rising oil prices, the difference in the value of
the field should differ significantly. The new geologist report is
currently underway.
Due to the positive nature of this report, this is where the
company plans to focus its main initiatives in 2011. Barring any
drilling permit delays, the management expects to have the first
well drilled in Q3 of 2011. Profit for the company is anticipated
within three months after opening. The company aims to drill up to
5 wells on this field.
More details will follow.
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