Comanche Point Oil Field Update.TUCSON, Ariz. -- Fidelis Energy, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FDEI FDEI Fluor Daniel Eurasia, Inc. (Moscow, Russia) ), today announced that the pilot steam project on its 400 acre Comanche Point heavy oil field is nearing completion and the most responsive sands are being correlated. In late April, the Company intends to start the construction and connection of dedicated steam lines and holding tank feed-lines to the most productive wells that have shown the best return from steaming operations. Though historical data on the Comanche Point Oil Field was available to the Company, management felt the prudent course of action was to perform a test (pilot) operation to categorically determine the nature of the oil sands and thus the best locations to concentrate the costly steam flooding operations. The pilot project was designed to provide usable data on the sand layer locations, thicknesses and water content so that steam operations could be focused on those layers that would respond most prolifically. Water laden sands absorb more heat than drier sands and therefore respond less favorably to steam. With the wells now nearing completion of the initial study, the Company has discovered that some of the wells which the historic data represented as dry are actually wet while others are quite dry. The Company is pleasantly surprised at the heavy response from the up-dip wells on the south end of the project and estimates that those wells could produce 40-50 bbls/day each and the northern down-dip wells will produce from 12-20 bbls/each. Currently, the project is producing around 40 bbls/day of heavy oil and with full steam implementation, it is hoped that the extraction rate will now increase to 350-450 bbls/day with the wells now in place. The price for the 'Kern County Crude' heavy 13 degree oil is hovering hov·er intr.v. hov·ered, hov·er·ing, hov·ers 1. To remain floating, suspended, or fluttering in the air: gulls hovering over the waves. 2. near $42/bbl. The Company sold a little more than 900 barrels from the holding tank this week, from oil collected over the past few weeks. A study is also being conducted on the possibility of deeper oil in the parcel that could be analogous to other wells in the vicinity. Data on that study will be released as it comes available. About Fidelis Energy Inc. Based in Tucson, AZ, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped un·der·de·vel·oped adj. Not adequately or normally developed; immature. oil and gas projects in California, Texas, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling a drilling machine having a horizontal drill spindle. See also: Horizontal and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . 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. for 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. : Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Fidelis Energy, Inc. has little or no control. For more information, please visit our website at www.FidelisEnergy.com, or contact: Investor Relations Investor relations The process by which the corporation communicates with its investors. 888-894-3334 (Dan Hodges) ON BEHALF OF THE BOARD Fidelis Energy Inc. Dan Hodges -- President |
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