Fidelis Energy Updates Permitting and Approvals.TUCSON, Ariz. -- Fidelis Energy, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FDEI FDEI Fluor Daniel Eurasia, Inc. (Moscow, Russia) ), an oil and gas company dedicated to developing North America's energy resources is, in keeping with its pledge of providing timely updates and full disclosure to shareholders, pleased to provide the following information to its shareholders. The North Franklin gas project is expected to tie-in and flow prior to the end of the month. The delay of a month and a half has been due to a lengthy application and approval process from the Fish and Wildlife Service on an easement easement, in law, the right to use the land of another for a specified purpose, as distinguished from the right to possess that land. If the easement benefits the holder personally and is not associated with any land he owns, it is an easement in gross (e.g. , covering 177' that the pipeline needs to pass under. There being no surface disturbance or impact, the Company felt comfortable estimating a short approval process. However, we were subsequently required to submit a full application including environmental survey, appraisal and engineering for the proposed underground boring and pipeline extension. The Company and its partners have completed the pipeline except for the 177' and once the permit is received, expected at any time, the tie-in and flow of gas can occur within literally days. The Company has contracted with a buyer for the sale of the gas and is anxiously awaiting tie-in to become cash-flow positive immediately thereafter. The Company anticipates that the well will flow approximately 5MMcf. With current gas pricing above $8/Mcf and a thirty-five percent interest, each well drilled into the Winters formation at North Franklin could provide $8,000 - $12,000 per day each for the Company. The second well permit was applied for in mid-October and the Company received the approved permit on November 1st. We are negotiating with a rig company for the spud date and anticipate having it drilled, online and flowing saleable gas before the end of the year. The Comanche Point heavy oil project is finishing the steaming of the second well at 250 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of water converted to 375 degree steam. It is expected that once steaming is complete, the pump will require one day reconnecting to the well. After that, about 10 days of pumping condensate will be required prior to the oil cut increasing to a level upon which we will make our "go/no go In engineering and manufacturing, a go/no go (or Go-NoGo) is a process or device used in quality control. In psychology, a go/no-go test requires a participant to perform an action given certain stimuli (e.g. " decision for full implementation of the steam program. We anticipate a 40-60 bbl/day extraction rate per well and are anxious to confirm our projections with data from pilot wells. Lastly, the Company is actively pursuing projects in Central California Central California can refer to one of several divisions or regions of the U.S state of California:
ABOUT FIDELIS ENERGY INC. Based in Tucson, AZ, Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and under-utilized projects, as it pursues oil and gas production throughout North America. 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. for Forward-Looking Statements: Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Fidelis Energy, Inc. has little or no control. For more information, please visit our website at www.FidelisEnergy.com, or contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 1-877-241-6100 ON BEHALF OF THE BOARD Fidelis Energy Inc. Dan Hodges - President |
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