Energas to Drill Two Natural Gas Wells.Energy Editors/Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--May 5, 2003 Energas Resources Inc. (the "Company") (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 ) is pleased to announce that through its Operator, Energas Corp., the Company has arranged with a private investor to fund the drilling of two natural gas wells in the Arkoma Basin of eastern Oklahoma See Also: Green Country Eastern Oklahoma is usually defined as east of Oklahoma City and east of Interstate 35 in Oklahoma. The region includes Tulsa. The region is usually divided into two main areas: Northeast Oklahoma, and Southeast Oklahoma. . The Company will receive approximately 5% until payout and then approximately 25% thereafter. If production were found of 3 million cubic feet of gas per day, as the geologist believes is possible, then payout would occur within 6 months. Preparations are underway to build locations and the drilling company plans to start later this month when their rig becomes available. 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 im·pair tr.v. im·paired, im·pair·ing, im·pairs To cause to diminish, as in strength, value, or quality: an injury that impaired my hearing; a severe storm impairing communications. or prevent production or marketing of oil or gas from the well. ON BEHALF OF THE BOARD OF DIRECTORS ENERGAS RESOURCES INC. By: 'George G. Shaw' George G. Shaw President |
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