Message #4 From:
Stock News Bot Date: January 9, 2007 09:47:00 AM
COGC News California Oil & Gas Corp. Spuds Louisiana Well
CALGARY, Alberta--(BUSINESS WIRE)--California Oil & Gas Corp. (OTCBB: COGC) announces that the Haas-Hirsch
Unit # 60 well, South Krotz Springs prospect, St. Landry Parish,
Louisiana, commenced drilling January 8, 2007. The well will be drilled
directionally to target the Third Cockfield Sand at 10,700 feet (TVD) as
identified by 3-D seismic. The Company recently increased its interest
in this prospect to 25%. Drilling is anticipated to take about 30 days.
The Krotz Springs Field has been a prolific gas field throughout its 60
year history with past production over 900 BCF. The Haas-Hirsch Unit #
60 well is designed to intersect the apex of the Third Cockfield Sand
target zone, significantly higher than a previous producing well. The
target zone is beneath the Krotz Springs Unit and the Haas-Hirsch Unit #
60 well is being deviated 1200 feet from the surface location of another
well that is not currently in production. If production appears
warranted, the use of facilities from this nearby well could minimize
the time required to bring the new #60 well to production.
California Oil & Gas Corporation is a junior oil and gas exploration
company with agreements for projects in California and Louisiana in the
United States, and Chile, South America.
On Behalf of the Board
John G. F. McLeod, President
Forward-Looking Statement
Statements in this news release that are not historical facts are
forward-looking statements that are subject to risks and uncertainties.
Words such as "expects", "intends", "plans", "may", "could", "should",
"anticipates", "likely", "believes" and words of similar import also
identify forward-looking statements. Forward-looking statements are
based on current facts and analysis and on forecasts of future results,
estimates of amounts not yet determined and assumptions of management.
Forward-looking statements in this news release include statements about
the Company’s belief that drilling of the #60
well should take about 30 days, that the evaluation and estimate of
potential recovery with respect to this prospect by Chapman Petroleum
Engineering should prove to be accurate and that the nearby facilities
of a past-producing well can be used for production at the #60 will if
production appears warranted. The Company’s
actual results may differ materially from those anticipated in these
forward looking statements due to any of a number of factors beyond the
Company's control. These risks and uncertainties include, among other
things, the risks that are inherent in oil and gas exploration and
otherwise inherent in the Company’s
operations. These and other risks are described in the Company's Annual
Report on Form 10-KSB and other filings with the Securities and Exchange
Commission, which can be viewed at www.sec.gov.
