Energas Temporarily Halts Drilling of the Clanton #1-33 Well and Now Plans to Perforate and Test the Ainsworth #1-33 Well.Energy Editors/Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--June 9, 2003 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 ) has encountered a mechanical problem in the Atoka shale and will cease drilling the Clanton #1-33 well at this time. The drill pipe was stuck in the hole at a depth of approximately 3,400 feet and a plug has been set at 2,900 feet. Energas plans to finish the drilling of the Clanton #1-33 well and will be able to "bounce" off the plug and continue drilling at 2,900 feet. Energas currently plans to perforate per·fo·rate v. 1. To make a hole or holes in, as from injury, disease, or medical procedure. 2. To pass into or through (a body structure or tissue). adj. Having been perforated. and test the Cromwell zone in the Ainsworth #1-33 well that was drilled to a depth of approximately 5,700 feet in May 2003. This well is located in the Arkoma Basin in Pittsburg County, Oklahoma. 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 release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify 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. . 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. The primary risk lies in the drilling of dry holes or drilling and completing wells which, though productive, do not produce gas and/or oil in sufficient amounts to return the amounts expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. and produce a profit. Hazards, such as unusual or unexpected formation pressures, downhole fires, blowouts, loss of circulation of drilling fluids Noun 1. drilling fluid - a mixture of clays and chemicals and water; pumped down the drill pipe to lubricate and cool the drilling bit and to flush out the cuttings and to strengthen the sides of the hole drilling mud and other conditions are involved in drilling and completing oil and gas wells and, if such hazards are encountered, completion of any well may be substantially delayed or prevented. 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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