Ness Energy Begins Texas Drilling Program

Ness Energy is preparing to commence a three-well drilling program in Parker County, Texas. The prospects, situated on approximately 5,000 contiguous acres, are located approximately 35 miles west of Ft. Worth, Texas. Ness has the drilling rights under the leases, and expects to sell working interests in the wells to raise additional capital. Currently, there is a highly-prolific commercial well on the Parker County border, which is located 18 miles east of Ness's property.

Ness expects to drill through the Barnett Shale play, which is a giant gas field that is estimated to have a trillion cubic feet of natural gas every seven square miles. Over 1,200 wells have been drilled in the Barnett and another 400 wells are being drilled or completed. Currently, there are 38 rigs running in the area, reflecting the high level of interest. Recently, Larry Brogdon, exploration manager of Four Stevens Oil Co., was quoted in The Explorer, a leading industry publication, where he noted that "To say the play has exploded would be a major understatement."

"We look forward to commencing drilling activities in the area," said Hayseed Stephens, Ness Energy's Chief Executive Officer. "Many of the leading exploration companies such as Devon Energy are already active in the area. We are excited about the prospect of discovering a major gas play."