Conquest to Drill Well in Marion Field
(firmenpresse) - HOUSTON, TX -- (Marketwire) -- 05/29/12 -- Conquest Petroleum Incorporated (OTCBB: CQPT) is an independent oil and gas producing company with a Business Plan of acquiring producing properties with upside potential, restoring wells on those properties to production, and drilling infill wells to capture reserves that would not have otherwise been exploited. The major areas of activity include two producing fields (one gas and one oil) in North Louisiana and an acreage position in Kentucky.
The natural gas producing field is the Marion Field in Union Parish, Louisiana. It consists of 504 low rate gas wells with a leasehold position for the producing reservoir being approximately 21,000 acres. The Company is trying to raise the funds to monetize this asset. It is estimated that 300 additional well locations are available for development. Additional wells can be drilled and completed and, due to the economy of scale, can be operated for little to no incremental cost. Thus, even with the present price of natural gas, the new wells will be economical. The project looks even better should natural gas prices rise.
The Company plans to spud a well on or before June 17, 2012. Not only will the new well add to the production volume, but, the information gathered will be beneficial in proving that no drainage in undeveloped areas has taken place through offset existing wells.
The Company also has the rights to approximately 8,200 acres for the deeper Smackover/Brown Dense formation. The Company has some seismic coverage over the acreage and there are indications of a positive anomaly on the lands. The anomaly exists 2 miles from a well that has tested 500 BOPD and 3MMCFD of gas from a zone thought to be the same as our prospect. The offset operator is currently installing a pipeline to tie into a major gas transportation system. The Brown Dense is a Resource Play spread over southern Arkansas and North Louisiana. Among the options for monetization, the Company will entertain a cash sale for the deep acreage.
With the advent of the deep acreage and the infill drilling opportunities in the shallow gas zone, the Company is continuing attempts to raise money to buyout the production payment that exists on the project in order to own it free and clear and exploit the project internally.
CAUTIONARY STATEMENT
Some of the items discussed in this presentation are forward-looking statements about Conquest Petroleum Incorporated ("Conquest" or the "Company") and its activities in Louisiana and Kentucky, known and unknown risks and uncertainties, which may cause Conquest's or its wholly owned subsidiaries' actual future results to vary widely. Words such as "anticipates", "hopes", "expects", "intends", "plans", "targets", "projects", "believes", "seeks", "estimates", and similar expressions are intended to identify such forward-looking statements. The statements are based upon Management's current expectations, estimates and projections, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond the Company's control and are difficult to predict. Among the factors that could cause actual results to differ materially are changes in demand for, and prices of and demand for, crude oil and natural gas, the results of drilling and testing, local political events, civil unrest, weather, the ability to obtain equity or debt financing on acceptable terms, if at all, working capital constraints, and general economic conditions. You should not place undo reliance on these forward-looking statements, which speak only from the date of this document. Unless legally required, Conquest undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT:
Killian Capital Corp
Ann Thomas
210-744-9565
13131 Champions Drive Suite 205
Houston, TX 77069
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Datum: 29.05.2012 - 14:50 Uhr
Sprache: Deutsch
News-ID 1118871
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