Corporate Profile for Sterling Energy Resources Inc., dated Nov. 2, 2001.Business Editors --(BUSINESS WIRE) The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: Nov. 2, 2001
Company Name: Sterling Energy Resources Inc.
Address: 5850 Oberlin Dr., No. 216
San Diego, Calif. 92121
Main Telephone
Number: 858/658-9818
Internet Home
Page Address
(URL): www.sterlingenergyresources.com
(Currently under construction)
Chief Executive
Officer: Reid D. Scofield
Chief Financial
Officer: Jay S. Potter
Investor Relations:
E-mail address: jay@nexcore.net
Industry: ENERGY: Oil and Gas
Trading Symbol/
Exchange: PINKSHEETS:SGER
Company description: Sterling Energy Resources Inc. is an independent oil and gas company with offices in Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . The company's operations are currently focused on the development of proven oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally from the 23,000-acre McLouth Natural Gas Storage Field in Kansas, in which the company holds a 100 percent working interest (81 percent net revenue interest). To date, the company has drilled 26 successful wells into the McLouth formation (1,500') finding an average of 25 feet of net pay on each well. The McLouth Natural Gas Storage Field was primarily developed for oil in the McLouth formation in the late 1980's. The forty (40) wells drilled in that time period have so far produced over 850,000 cumulative barrels of oil with the majority of the wells still producing today. The company believes it has identified more than 100 additional developmental drilling locations in the McLouth formation. Sustained oil production from the new (26 wells) and existing (40 wells) is anticipated to be over 400 barrels of oil per day by the end of the fourth quarter of 2001. In addition, the company has recently entered into negotiations with EnergyOne (a division of Utilicorp: NYSE NYSE See: New York Stock Exchange ) for the joint construction of a gas gathering system and pipeline to capture existing natural gas reserves in the deeper Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by formation (1,650'). Initial Company engineering analysis estimates that reserves could be 2-6 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 and initial production in excess of 1,500 MMCFD. The company also believes oil and gas reserves exist below the Mississippi formation in potential zones from 1,800' to 2,900'. The company plans to increase production, cash flow, and reserves through exploration, generation and development of its acreage and prospects in Kansas, Texas, and California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). with a continued focus for accretive acquisitions Accretive Acquisition An acquisition that will increase the acquiring company's EPS. Notes: As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. . |
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