Altus Explorations, Inc. Announces Commencement of Drilling.OLIVE BRANCH olive branch symbol of peace and serenity. [Gk. and Rom. Myth.: Brewer Handbook; O.T.: Genesis, 8:11] See : Peace , Miss. -- Altus Explorations, Inc. (the "Company" or "Altus") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ATUX) announces the commencement of drilling of the Lake Creek No. 2 well located in Chautaugua County in Southeast Kansas Southeast Kansas is a region of the U.S. state of Kansas. It can be roughly defined by Woodson County in the northwest, Bourbon County in the northeast, Cherokee County in the southeast, and Montgomery County in the southwest. . The well's projected total depth is 2,500 feet to drill and test the Arbuckle and the Mississippian formations. In connection with the continuing development of Kansas acreage, Altus has amended its Lake Creek Prospect Farmout Agreement with Orbit Energy, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Orbit") to provide Altus the right to continue to participate in the drilling and development of prospect acreage located outside the original Lake Creek Prospect Acreage. Pursuant to the amendment, Altus has the right to participate in the drilling and development of Lake Creek area acreage with a working interest up to 25%, of which 10% shall be "carried" by Orbit while Altus would be responsible for its proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. share of capital expenditures on the remaining 15% working interest. Upon completion of the Lake Creek No. 2 well, the drilling rig is to be moved to location in order to spud and drill the Lake Creek No. 3 well prior to year-end. Additionally after completion of the Lake Creek No. 3 well, a third well the Lake Creek No. 4 is scheduled to be spud by year-end with a target depth of 3,200 feet. Notice Regarding Forward Looking Statements This news release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ", as that term is defined in Section 27A of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the well's projected depth of 2,500 feet, the future drilling and development of prospect acreage located outside the original Lake Creek Prospect Acreage and the drilling of Lake Creek No. 3 prior to year-end. |
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