Energas Resources Announces Flow Test Results for Parkway Wells; Parkway Project to be Near-Term Focus of Company.OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm -- Energas Resources, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : EGSR EGSR Eurographics Symposium on Rendering EGSR Employer Support of the Guard and Reserve EGSR Engineer General Service Regiment ) today announced the results of flow tests done on 9 of the wells in the Parkway Project. The Company's Field Superintendent ran flow tests on the wells and the initial natural gas production from these 9 wells is expected to average 296 MCF per well per day. The Parkway Project currently consists of 23 wells. The Company has a 100% working interest in the field and is in the process of constructing a pipeline to deliver the gas from the Parkway to the market. "We're very excited about these production levels and anxiously await the completion of the recently announced pipeline," said Scott Shaw, Vice President. Energas also announces that the Truby #1 well, recently drilled in the Rock Creek Rock Creek may refer to:
"The Parkway Project continues to exceed our most optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op expectations," stated George Shaw George Shaw (December 10, 1751 - July 22, 1813) was an English botanist and zoologist. Shaw was born at Bierton, Buckinghamshire and was educated at Magdalen Hall, Oxford, receiving his M.A. in 1772. He took up the profession of medical practitioner. , President. "We expect the production from these 23 wells to increase our annual revenue several times over, as well as to generate substantial levels of cash flow and earnings per share at a high level of return on investment. In addition, the field holds excellent potential for growth through the drill bit. Consequently, the Parkway will be our main focus for the foreseeable future. Meanwhile, our interest in the Rock Creek Prospect, Kansas should continue to generate good free cash flow." 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 When used in this press release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well. |
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