Cambrian Signs LOI for Kentucky Acreage
(firmenpresse) - LEXINGTON, KY -- (Marketwire) -- 10/05/11 -- Cambrian Systems (PINKSHEETS: CAMS) is pleased to announce that it is in the process of due diligence on a 31 acre oil and gas lease in Adair County, Kentucky. The property has enough room to drill several new wells and currently has one hole already in the ground and with further work the property has the potential into becoming a producer. Cambrian has been in the process of doing the required due diligence and project evaluations for some time now, in anticipation of the Adair County property acquisition.
Adair County is known for producing high quality oil. Current production for the county comes in at about 32,000 barrels annually with approximately 83% of that oil coming from the "Knox" formation.
Cambrian has been continuing its efforts to determine key areas of interest through evaluating oil and gas assets with development and drilling upside potential. Cambrian determined that the Kentucky area provides low-risk, multi-well oil and gas investments via direct participation programs through a direct ownership position in the wells or joint venture opportunities. The Company will update its shareholders as to its progress.
*About Us*
Cambrian is an independent oil and gas company with a primary focus on acquiring, developing and participating in the U.S. crude oil and natural gas properties.
*Safe Harbor*
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Cambrian Systems, Corp., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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Datum: 05.10.2011 - 09:30 Uhr
Sprache: Deutsch
News-ID 1042928
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LEXINGTON, KY
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Pipelines
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