Energas Resources Adds Wells to Parkway Project

Energas Resources reports that 361 acres containing 3 existing wells are now in the process of being recorded and added to the Parkway field. "While we wait on engineering advice from Halliburton, our staff now has more time to focus on processing all the acreage in the Parkway," said Scott Shaw, Vice President. "We will continue to move forward on developing the Parkway project and remain optimistic that modern day stimulation treatments could generate attractive levels of return on investment. We should have our treatment plan finalized in approximately 2 weeks and will announce the details of our strategy at that time."

Addtionally, by mutual agreement, John Breitmeier will not be associated with the Company. Everyone at Energas wishes Mr. Breitmeier the best in his endeavors. The Company plans to use Halliburton services for its engineering needs at this time.

Meanwhile, the Company has reduced cash operating expenses by more than $24,000 per month. "We are generating positive cash flow on a day to day basis, not including extraordinary payments or capital expenditures," stated George Shaw, President. "We continue to believe that the Parkway holds commercial quantities of oil and gas, and we intend to bring it to market for the benefit of our shareholders and the project land owners."


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