Centurion Gold Sets Production Casing on Well in Wharton County Texas; Drilling Commenced on Schedule; Several Potential Gas Productive Zones Identified.JOHANNESBURG, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. -- Centurion Gold Holdings, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CGHI), a natural resource development company, announced today that the #1 Leslie well, part of the BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. prospect in Wharton County, Texas Wharton County is a county located in the U.S. state of Texas. In 2000, its population was 41,188. Its county seat is Wharton6. Geography According to the U.S. Census Bureau, the county has a total area of 2,835 km² (1,094 mi²). , was drilled to a total depth of 9800' on February 3, 2006 as an apparent multi-pay over-pressured Yegua formation gas discovery. A 4 1/2" production casing was run to 9800'. Several potential gas productive zones were encountered in the Yegua interval from 8730' to 8840. These zones were identified from mud log analysis and gas shows while drilling and Schlumberger Triple Combo logs. Production tests will be initiated in the next two weeks or as soon as possible depending on availability of a completion rig. The over-pressured Yegua section is a prolific gas producing trend in the upper Texas Gulf Coast. Based upon successful results of the #1 Leslie well completion, additional development wells may be drilled. Working interest holders include Centurion Gold Holdings which holds 10%, as well as Escopeta Oil, Ventum Energy, and Kraker & Martin Energy, as operator. Centurion Gold Holdings, Inc. Centurion Gold Holdings is a resource development company that acquires, develops and mines or spins out natural resource assets. The Company's mineral assets generally have combined the potential for a near term revenue stream and existing low cost production operations with turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. opportunities. Based in South Africa, the Company is ideally suited to exploit new legislation implemented by the South African government in May 2004. This legislation enforces a "use it or lose it" strategy, whereby all mining claims must be prospected within a designated time frame; otherwise, such prospects revert re·vert v. 1. To return to a former condition, practice, subject, or belief. 2. To undergo genetic reversion. to the state, thereby creating never-before-seen opportunities, particularly for smaller companies like Centurion. The Company has built a strong team of experienced management and operations mining professionals to exploit these opportunities, and is positioning itself to become a major producer by continually implementing its "growth through acquisition" strategy. www.centuriongold.com 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. Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in 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. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Should events occur which materially affect any comments made within this press release the Company will appropriately inform the public. |
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