#1-A Lepovitz Gas Unit Well Drilling Ahead, Hidalgo, Texas.TUCSON, Ariz. -- Fidelis Energy Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : FDEI FDEI Fluor Daniel Eurasia, Inc. (Moscow, Russia) ) today announces that the "#1-A Lepovitz Gas Unit" natural gas well was spud on the evening of Feb. 27, has now reached 950 feet as of this morning and is drilling ahead. Fidelis anticipates that, assuming a successful drilling event, the well drilling and completion is estimated to take approximately two weeks. Fidelis has signed a Lease Purchase and Development Agreement and Joint Operating Agreement Any contract, agreement, Joint Venture, or other arrangement entered into by two or more businesses in which the operations and the physical facilities of a failing business are merged, although each business retains its status as a separate entity in terms of profits and with Miramar to acquire a 50% working interest in the Hidalgo Hidalgo, state, Mexico Hidalgo (ēthäl`gō), state (1990 pop. 1,888,366), 8,058 sq mi (20,870 sq km), central Mexico. Pachuca de Soto is the capital. Prospect located in Hidalgo County, Texas Hidalgo County is a county located in the U.S. state of Texas. In 2000, its population was 569,463; in 2006, the U.S. Census Bureau estimated its population to have reached 700,634. . The main objectives of the 312-acre Hidalgo Project are the Bell and Cord sands that have a combined potential reserves of 16.1 Bcf gas. The Bell sand in the Miramar Petroleum Inc. #2 Theser Gas Unit well has produced 20 Bcf gas at an average recovery of 2.96 Mmcf/day from seven wells. In addition, the Cord sand in the same well has a cumulative production over 62.9 Bcf from eight wells with an average recovery of 7.87 Mmcf/day. About Fidelis Energy Inc. Based in Tucson, Ariz., Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and underutilized projects, as it pursues oil and gas production throughout North America. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Fidelis Energy, Inc. has little or no control. For more information, please visit our Web site at www.FidelisEnergy.com, or contact: Investor Relations Investor relations The process by which the corporation communicates with its investors. , 888-894-3334 (Contact: Dan Hodges) ON BEHALF OF THE BOARD Fidelis Energy Inc. ______________________________ Dan Hodges - President |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion