Chancellor Group, Inc. Natural Gas Projections Increase for Kansas Oil & Gas Property.Business Editors BOSTON--(BUSINESS WIRE)--Feb. 23, 2001 Chancellor Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CHAG CHAG Christian Health Association of Ghana CHAG Chancellor Group Inc (stock symbol) CHAG Community Health Awareness Group CHAG Charles Hammer Autosport Group - news) chief geologist, Bill Stinson, discusses initial production of crude oil at its Walker/Shinkle Field property in Greenwood County, Kansas Greenwood County (county code GW) is a county located in Southeast Kansas, in the Central United States. The population was estimated to be 7,067 in the year 2006.[] Its county seat and most populous city is Eureka. Geography According to the U.S. . Mr. Stinson stated, "Off set information indicates gas flow rates anywhere from 2 to 3 mcf (million cubic feet) per day, per well. Based on the geological evidence, and everything that I've seen from looking at the old well data that I'm very excited about natural gas on the property. I fully expect that in today's price range, in what they call the Henry Hub Henry Hub is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange (NYMEX). It is a point on the natural gas pipeline system in Erath, Louisiana. It is owned by Sabine Pipe Line LLC. price, is maintained for any length I would think by next summer that gas revenues will probably be twice the oil revenues for this property." "You have about 7 horizons you can produce oil and natural gas from. Our first well, one that we're going to take real deep all the way down to the basin. We're going to go through every formation there, and really get a good look at what's down there. We'll go through the formations that we know have gas in them like the Mississippian. We'll also go and get a good idea on how many levels have coal beds, and get an idea of the thickness of these beds so you can see if you want to go into a coal bed methane type of process." These new natural gas production figures of 2 million cubic feet, per day, per well are more than double the figures Chancellor Group stated before. Chancellor Group previously stated natural gas production of at least 500,000 cubic feet a day from each of the 20 infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. wells. (two of the existing wells have flowed 2,000,000 cubic feet a day) Given us a total minimum gas production of 10,000,000 cubic feet a day valued at $90,000 a day at current gas prices, with at least $75,000 a day going to the bottom line. Bill Stinson can be contacted at 713/230-7389. Chancellor Group, Inc. currently has approximately 28 million shares of primary common stock issued and outstanding, and 36 million shares fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. . Chancellor Group web site: http://www.chancellorgroupinc.com Investor Research (real audio): http://www.wallstreetnewscast.com/chag.html Chancellor Group Yahoo Club: http://clubs.yahoo.com/clubs/chancellorgroup Certain information included in this communication contains statements that are forward-looking, such as statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These 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. are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. |
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