Energas Successful at 2nd Kansas Well

Energas Resources has successfully completed its 2nd well in Kansas. This well is currently producing 130 barrels of oil per day and 200 MCF of natural gas per day. The Company's net interest in this well is 13.7%.

"We were delightfully surprised by the oil production in this well. We will learn a lot about this well over the next 30 days but I'm excited that we could possibly hit more dual producing wells in this field," stated President George Shaw. "We are projecting that the added revenue from this well will put the Company in a profitable position for the first time since 1997"

The Operator has reported that the next rig available is scheduled January 5, 2005 to drill the 3rd well in this prospect, however the Operator will proceed to drill sooner if a rig becomes available before that time. This prospect covers approximately 2,750 acres and the spacing is 160 acres per gas well and 40 acres per oil well.
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Brent Crude Oil : $53.89/BBL 1.67%
Light Crude Oil : $50.84/BBL 2.14%
Natural Gas : $3.7/MMBtu 2.77%
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