The Company has commenced an aggressive "in-field" drilling program in a joint venture with Grace Oil & Gas, Inc. and Buckeye Exploration in the development of the East Chandler Prospect -- a 520 acre lease located in Lincoln County, Oklahoma. The first prospect, Grace #1, drilled to completion early this week with excellent shows. Casing was set at 5111 feet and the well is scheduled to begin final completion on Friday July 14. Logging results showed quite positive and the well is expected to show significant production test results from the red fork and hunton formations. The second prospect Grace #3 is currently under location construction with preparation for rig movement this weekend. Drilling is scheduled to begin Monday, July 17, 2006. Bedford anticipates one new well coming on line every three to four weeks for the next fifteen weeks.
Carl Swan, Chairman of the Board, stated: "Bedford has initiated a number of joint ventures with investors around the country and internationally to drill for oil and gas in promising developed fields in which we have obtained the drilling rights. We also hold leases in Hughes County, Oklahoma, on which drilling will begin in August 2006. In the fall Bedford is launching an eight (8) well drilling program (the Pistol Ridge prospect) on our 640 acre lease in Mississippi (Forest and Pearl River Counties)."
In May, the Company launched Bedford Energy Equipment, LLC -- a subsidiary aimed at the oilfield equipment business, buying, refurbishing, leasing, or reselling at auction to drilling contractors and oilfield servicing companies in the United States and throughout the world. Says Swan, "Our Equipment Division is designed to locate and purchase new or used oil field equipment and is in early negotiations on several large equipment purchases. With oil over $75.00 a barrel, every rig and nearly every piece of oil field equipment in general is in extremely high demand today, which has in turn driven demand for used equipment to very profitable levels."
Bedford Energy is an independent oil and natural gas exploration company and oilfield equipment marketer based in Edmond, Oklahoma. With an intense focus on profitable low-risk exploration, the Company pursues opportunities that achieve profitable growth and intrinsic value by participating as an industry partner with others in lease acquisitions and drilling prospects, primarily in the mid-continent and gulf coast areas of the United States.
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