Angus Energy Corp. Announces New Lease Acquisition.DALLAS -- Angus Energy Corp. (PINK SHEETS:AGSC AGSC Azerbaijan Gas Supply Company AGSC American Grease Stick Company (Muskegon, Michigan) AGSC Adaptive Generalized Sidelobe Canceller AGSC Alpine Golf & Sports Club (Thailand) ) today announced that it has signed an option agreement with Texas Mineral Corp. ("TXM TXM Thixomolding TXM Transaction Management TXM Technology Transition Model ") to acquire 34,927.39 acres of oil and gas interests in Erath County, Texas Erath County (pronounced EE-rath) is a county located in the U.S. state of Texas. In 2000, its population was 33,001. It is named for George Bernard Erath, an early surveyor and a soldier at the Battle of San Jacinto. , in the heart of the Barnett Shale gas play. Angus has carefully selected these leases because of their close proximity to existing natural gas pipelines in the vicinity and has been working closely with a European based funding group that is actively financing other Barnett Shale projects in the area. As part of the agreement Angus also has the option to acquire an additional 150,000 Barnett Shale acres in Erath, Palo Pinto and Comanche Counties. Angus has spent the last year trying to complete the financing of its acreage positions in Bosque County. The Company has been in discussions with several funding sources and has even discussed mergers and partnerships with many of the larger oil and gas concerns interested in the area but was unable to completely close any deals on the Bosque County acreage. Angus then extended its search north to acquire acreage closer to the Dallas Metroplex where the natural gas pipeline infrastructure already exists. In doing so, the Company believes that the leases covered by this new option agreement are better situated to take advantage of its current funding sources. About the Barnett Shale The Barnett Shale gas play is the largest natural gas field in Texas and a primary supplier to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. gas market. It spans several thousand square miles across the Fort Worth Basin in north central Texas. Since the mid-1990's over 3,000 wells have been drilled in the field with an extremely high rate of success and more are underway all the time. The United States Geological Survey The United States Geological Survey (USGS) is a scientific agency of the United States government. The scientists of the USGS study the landscape of the United States, its natural resources, and the natural hazards that threaten it. (USGS USGS United States Geological Survey (US Department of the Interior) ) estimates the Barnett may hold over 26 trillion cubic feet (TCF See Trenton Computer Festival. ) of recoverable natural gas with production in the region currently exceeding 30 billion cubic feet (BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ) per month. Actual production and estimates from independent sources project average cumulative production from initial fracture stimulation to be 1.25 billion cubic feet of gas per well with wells producing initially one million cubic feet of gas per day with life spans of 25 to 30 years. About Erath County Erath County is located in north central Texas and is growing very popular among oil and gas exploration and production companies. It is located to the north of Bosque County and just south of Palo Pinto, Stephens, Parker, Jack, Wise and Denton Counties. Company website Most of the Angus Energy Corp. website is under reconstruction. The new site with current information will be up very soon. About the Company Angus Energy Corp., is a Dallas-based independent energy company engaged in oil and gas exploration with significant lease holdings in the Barnett Shale. For more information, please contact Patty Dickerson, Investor Relations Investor relations The process by which the corporation communicates with its investors. , at 214-459-8399 (pdickerson@angusenergycorp.com) , or Roger Kelly 866-582-0024 (rkelly@angusenergycorp.com). Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Exchange Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements included in this release other than statements of fact are forward-looking statements that involve risks and uncertainties. |
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