Young Oil Discovers New Oil Field in Tennessee

The Young Oil has discovered a new shallow oil field in Overton County, Tennessee, when it drilled in a well, that came in flowing at a rate of more than 50 barrels of oil a day.

The Lucy Newberry #1, located about six miles northeast of Livingston, Tennessee, in Section 22, !S, 52E, was drilled to a depth of 325 feet when it began flowing oil from a shallow Fort Payne reef.

"This well came in the same way the Nance Peace #4 did when we discovered that new oil field in 1998. Since then the Peace #4 has produced more than 100,000 barrels of oil from a depth of 433 to 455 feet and it is still producing today," said Anthony Young, CEO, Young Oil Corp. "From all indications, this Newberry well should produce every bit as well as the Peace well has."

"We believe we are just on the edge of a new Fort Payne field," said Young, whose firm has discovered five Fort Payne oil fields in the past six years. "We have a strong lease position and plan to drill an additional eight to twelve productive Fort Payne oil wells in this field.

In addition to developing the new Overton County oil field, Young is developing a 3,700-acre natural gas lease in Fentress County. The firm has drilled some six natural gas wells and is expected to have the gathering system completed and selling gas before year-end. Young plans to drill an addition 24-40 more wells in the Gernt gas field."