According to President Sha Stephens, senior Management of Ness Energy, Ness of Texas operations are now at the highest, in terms of commercial production, in Ness history. Though not major by industry standards, Ness of Texas efforts move forward to build the Company with sensible oil and gas production, workovers, and acquisitions supplying commercial production into the pipeline. He stated, "Aggressive leasing by Ness Energy the past few months has put us in the drivers seat of several new prospects, including the opportunity to add billions of cubic feet of gas into our reserve column." Ness, along with its producing wells, continues to acquire lease rights for additional well opportunities.
Ness Energy New Outlook In Full Swing
Ness Energy took an aggressive posture to build shareholder value and cash flow by implementing its New Outlook in June, 2003, which in part, calls for creation of cash flow domestically to support the realization of the company vision, to bless Israel and others with a source of oil and gas.
By reworking several Ness existing, but shut in, well bores, Management has now been able to prove up that even a modest amount of Ness oil and gas acreage has tremendous potential value. Increased gas production and sales, any place on these leases, makes the potential of substantial production greater than ever before, once Ness can fully explore the potential of its portfolio with drilling new infill wells.
President Sha Stephens explained, "We have only worked on a few of the leases Ness owns, but have seen very good return vs. the dollars spent. If we are able to keep up the investment vs. return pattern we have experienced, Ness projects significant cash flow to help accomplish the company's goals. Ness has been supplied an independent engineering report which discloses Ness Energy's oil and gas reserves have grown significantly. Simultaneously, sales have increased creating cash flow to supplement Ness's forward working plan of expansion into new areas of exploration, development and continued growth as a company."
The Company is also in the process of adding additional lease interests to its acreage portfolio, building value to the Company with new property interests for future exploration and development activities.
The Company also continues to proceed with the XTO Energy transaction and expects to close shortly.
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