King Resources Finds Drilling Rig for Previously Announced 15,000 Ft. Wildcat Well to Be Drilled in Federal Blocks Vermillion 112/113.AUSTIN, Texas -- King Resources, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :KING) announced today that King received confirmation from Applied Drilling Technology Inc. (ADTI), a subsidiary of GlobalSantaFe Company (NYSE NYSE See: New York Stock Exchange ), that it will have a rig available in the fourth quarter of 2006 or the first quarter of 2007 to drill the wildcat well Noun 1. wildcat well - an exploratory oil well drilled in land not known to be an oil field wildcat oil well, oiler - a well that yields or has yielded oil to test the structure located in Vermillion Blocks 112 and 113. The potential reserves on this structure are 250 billion cubic feet of gas. Production platforms and pipelines with available capacity are nearby. King successfully expects to bring in as participants in this well two or more oil companies, active in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . King expects to retain 50% of its working interest in this project, which King will operate. The drilling cost for this well depends upon the turnkey price, which King is negotiating with ADTI. King's team has extensive offshore exploration experience in drilling, designing production platforms and production facilities. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, and other international and domestic areas. 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 under 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: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties in the Oil and Gas industry which could cause the Company's actual results and financial condition to differ materially from those anticipated by the 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. including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, competition, and the early stage of exploration and development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. |
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