CSLG in Negotiations to Acquire 749 Acre Lease in Southwest, Texas; Estimated Reserves to Exceed 600 Million Cubic Feet of Gas.HOUSTON -- Consolidated Oil and Gas, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CSLG) is pleased to announce they are in negotiations to acquire a 749 acre lease in Southwest, Texas. This lease is known as the Maverick Maverick family name of two brothers, Bret and Bait; self-centered and untrustworthy gentlemen gamblers. [TV: Terrace, II, 80] See : Gambling Basin Flank Prospect and comprises seven pay zones. Four of these pay zones contain a total estimated reserve of 600 million cubic feet of gas. Management anticipates upon completion of drilling, the four pay zones will generate approximately $20,000 in revenue per day which would correlate to over $600,000 in monthly revenue. The companies pay zone estimates are based on electric logs, drill stem tests In oil and natural gas extraction, the drill stem includes the drill pipe, drill collars, bottomhole assembly, and drill bit. A drill stem test (DST) is a procedure for testing the surrounding geological formation through the drill pipe. as well as sidewall side·wall n. 1. A wall that forms the side of something. 2. A side surface of an automobile tire, between the edge of the tread and the wheel rim. Noun 1. cores from wells drilled over 35 years ago. These wells were plugged due to gas prices of less than fifteen cents per MCF. Today these same wells will be generating over thirteen dollars per MCF. Mr. Yeatman, President of Consolidated Oil and Gas stated, "We are excited about our outlook for the Maverin Basin Flank Prospect and will be working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to begin drilling. We have also begun negotiations to procure another six to ten thousand acres for development in this area." Mr. Yeatman continued to state, "This should move us from a micro-company to a medium sized oil and gas company." For more information please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at (973) 351-3868 or visit www.consolidatedoilgas.com. About Consolidated Oil and Gas: Consolidated Oil and Gas, Inc. is a US based company engaged in the exploration and production of onshore domestic oil and natural gas properties. The company's exploration and production activities are focused primarily in Texas. Their mission is to apply strong technical expertise to unlock substantial oil and gas resources in areas where production can be achieved quickly and efficiently. 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. Statement: This press release may contain forward looking statements, as defined in the Securities Reform Act of 1995. Actual events or results may differ from Consolidated Oil & Gas, Inc. expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties: including economic conditions, and availability of timely financing for projects. |
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