American Stellar Energy Acquires New Prospect with Well
The company continues to evaluate other new projects that would be expected to provide the company with an even larger growth scenario and add some project depth. Our focus is on low risk, development type prospects, which have the ability to achieve short term payback and long term growth.
Chicago, IL (PRWEB) December 15, 2004 -- (OTCBB: AMRS.PK) The Company is
pleased to report it has acquired a 45% Working Interest in approximately 15
acres which has the potential to host 4 Pecan Gap wells, 2 Austin Chalk wells,
and 4 Nacatoch wells, with development rights from surface to the top of the
Woodbine formation. The property is approximately 2.5 miles from our current
development project and includes a drilled and cased well completed in the Pecan
Gap zone. The well is capped with tubulars installed, and is maintaining a well
head pressure of 560 psi. Armen intends to workover the well, using some of the
new completion technologies it continues to have success with. Importantly, the
prospect can also be easily accessed by way of a paved road.
Mr. Francis
Biscan Jr., President of American Stellar Energy stated; "We have secured
another property that should provide more low risk opportunities for several
productive wells and also provide us with wells that can be accessed and worked
through all types of weather conditions.
Additionally, the operators have
now serviced the second well pump (Blackburn 1C) and are expecting to deliver a
daily production rate within the next few days. The well continued to produce
oil to tanks throughout the period of time it was inaccessible by a service
rig.
The company continues to evaluate other new projects that would be
expected to provide the company with an even larger growth scenario and add some
project depth. Our focus is on low risk, development type prospects, which have
the ability to achieve short term payback and long term
growth.
Currently, 20 to 50 addition wells could be drilled on the
existing acreage. American Stellar Energy intends to fully develop its interests
in this prospect.
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under the Securities
Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are
subject to the safe harbor created by those rules. All statements, other than
statements of fact, included in this release, including, without limitation,
statements regarding potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
Technical complications which may arise could prevent the prompt implementation
of any strategically significant plan(s) outlined
above.
Contact:
American Stellar Energy, Inc.
Website: http://www.americanstellarenergy.com
IR / Clayton Smith:
(971) 506-9156
Francis R. Biscan Jr.: 630-462-2079
E-mail: e-mail
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Source : http://www.prweb.com/releases/2004/12/prweb188944.htm