President & CEO, John "Rick" Taylor stated, "The approval of this expansion program shows the significance and commitment our company has in locating, negotiating and funding projects that will continue to bring continued revenue stream, assets and valuation into the company." He also added, "We are now beginning to see the positive improvements made with the implementation and reorganization of our corporate infrastructure. Because of the changes made for 2006 we can now react, take advantage and fast track opportunities that normally would take several months to process."
Dennis Alexander, Chairman of the Board and CFO, commented, "Preliminary discussions for the project financing of these five additional wells have now entered into its final stages. We are extremely confident EFCR will have the ability to finalize the funding for the recently approved drilling program at Ten Mile Draw, Wyoming." He also stated, "EFCR and Newport Oil are working feverishly to complete the drill site selection process." All of the leases are located in the Ten Mile Draw area of the Green River Basin in southwest Wyoming and have proven reserves that have been producing gas for years.
The state of Wyoming has been experiencing a sudden economic boom with the resurgence of gas exploration and drilling in its state.
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