"With the increasing domestic demand and prices for oil and natural gas, it is in the best interest of the Company and its stockholders to add proven properties to our existing inventory," said Adam Barnett, Chairman of the Company. "The wells that we are seeking primarily fall into two categories: deep gas wells and abandoned oil field properties that have never been exploited for gas. Deep gas wells are generally those in excess of 10,000 feet deep. Given the U.S. government's prediction that shallow well gas, known as 'cheap gas' because such gas is relatively inexpensive to obtain, will be exhausted in the near future, we want to position the Company to quickly take advantage of the shift in drilling techniques and reap the rewards of increased natural gas prices. The same holds true for recently abandoned oil producing properties. Many small oil producing properties have never been drilled for natural gas. Our experience is that most oil field properties located in Northwestern Louisiana and East Texas hold valuable quantities of natural gas. Because natural gas prices were depressed for so long, many production companies ignored their natural gas supplies. The current price for natural gas now makes it not only feasible but profitable to revisit these properties for their gas reserves. With our expertise and experience in natural gas production, that is exactly what we intend to do."
The Company expects to begin evaluating mineral producing properties in the next quarter. For more information about submitting oil and gas properties for the Company's consideration, please contact Robert Petersen, Vice President, at email@example.com.
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