Energas Resources Issues Corporate Update; 361 Acres Added in Parkway.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 that 361 acres containing 3 existing wells are now in the process of being recorded and added to the Parkway field Parkway Field is the name of a minor league baseball and college baseball park that stood in Louisville, Kentucky. It was home to the Louisville Colonels of the American Association from 1923 into the mid 1950s, and then of the University of Louisville team for several decades . "While we wait on engineering advice from Halliburton, our staff now has more time to focus on processing all the acreage in the Parkway," said Scott Shaw, Vice President. "We will continue to move forward on developing the Parkway project and remain optimistic that modern day stimulation treatments could generate attractive levels of return on investment. We should have our treatment plan finalized in approximately 2 weeks and will announce the details of our strategy at that time." Additionally, by mutual agreement, John Breitmeier will not be associated with the Company. Everyone at Energas wishes Mr. Breitmeier the best in his endeavors. The Company plans to use Halliburton services for its engineering needs at this time. Meanwhile, the Company has reduced cash operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. by more than $24,000 per month. "We are generating positive cash flow on a day-to-day basis, not including extraordinary payments or capital expenditures," 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 continue to believe that the Parkway holds commercial quantities of oil and gas, and we intend to bring it to market for the benefit of our shareholders and the project land owners." 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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