Message #6 From:
NewsBot Date: November 1, 2006 11:58:00 AM
IASCA News IAS Communications, Inc. Completes Third Gas Well in Kentucky
VANCOUVER, British Columbia--(BUSINESS WIRE)--IAS Communications, Inc. (OTCBB:IASCA) (www.iasenergy.com)
is pleased to announce that the Clarence Bright #1 well in Laurel
County, Kentucky is completed. The total depth on the well was 1742 feet
with two production zones, one in the Big Lime @ 1240 to 1250 and one in
Waverly @ 1252 to 1260. The open flow was 747 MCF with 230 PSI. The
gathering line to this well is in the process of being laid. Ken Lee #1
and Elvis Farris #2 are also in production and the Company will update
on flow rates as soon as the mid-line compressor is installed.
Additional wells in Knox & Laurel Counties are planned in the near
future.
IAS will earn a 100% interest in each well drilled and financed by IAS,
subject to a 12 ½ percent revenue interest to
the landowner, and 27 ½ percent to Energy
Source, Inc., the lessee and operator of the wells.
Teryl Resources Corp. (TSX VENTURE:TRC)(www.terylresources.com)
has an option for a 40% working interest in the Clarence Bright #1 gas
well, from IAS, in consideration for paying for 50% of the costs of
drilling.
PRODUCTION HISTORY
East Kentucky wells historically have been producing natural gas since
the 1920’s with wells experiencing up to 30
MMCF GPD in daily production. There are five potential pay zones that
have produced successful natural gas production. Data from the
University of Kentucky, reviewed for the year 2000, shows approximately
481 wells in east Kentucky, with 421 of those wells completed as
commenced producers.
ABOUT IAS COMMUNICATIONS, INC.
IAS Communications, Inc. has an interest in two producing oil and gas
wells in Texas. The wells are operated by Anadarko Petroleum
Corporation, which is one of the largest independent oil and gas
exploration and production companies in the world. IAS has an option to
drill up to 24 gas wells in Kentucky to earn a 60% net revenue interest.
ON BEHALF OF THE BOARD OF DIRECTORS
“John Robertson”
John Robertson
President
Forward-Looking Statements
Statements in this press release regarding IAS’s
business which are not historical facts are “forward-looking
statements” that involve risks and
uncertainties, such as estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially from
those currently anticipated in such statements.
