NHCT News Brighton to Acquire South Liberty Oil Field Lease
LOS ANGELES--(BUSINESS WIRE)--Sept. 20, 2006--National Healthcare Technology Inc. (OTCBB:NHCT), currently doing business as Brighton Oil Inc., announced today that it has entered into a contract to acquire The South Liberty Oil Prospect, in Liberty County, Texas which covers three lease prospects: The Gulf Crown Central Lease, the Fisher Lease and the T&NOOR lease.
The prospect consists of 9 Yegua wells on the leases which have depths of 5,000 to 9,000 feet, three producing wells and 4 work-over wells. It is expected that the 4 work-over prospects will generate in the range of 100 to 200 barrels per day of oil production. A new well to be drilled will be the Gulf Crown #6. Anticipated reserves range for this well are between 250,000 barrels of oil and 1/2 Bcf of gas. The project will consist of completing the work-overs and re-entry of the existing wells. Then doing an Up-Dip on the Humble-Simms #16, which will allow access to three deeper sands within the Orange Massive formation.
This project is an exciting project for Brighton Oil since it offers existing production, ongoing work-over opportunities as well as new drilling into established formations and zones of production.
The new wells to be drilled will be based upon the present Exxon Farmout agreement which exists on the lease.
Operations on the lease will begin within the next three weeks.
About Brighton.
Brighton is an oil and gas company with a focus on gulf coast oil and gas prospects and properties. Brighton is careful to develop a thorough drilling plan using the latest in technology in both mapping and the use of 3D seismic reports and information. Brighton Energy trades under the ticker symbol NHCT. For more information on the Company visit www.Brightonoil.com.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects", "projects", "plans", and certain of the other foregoing statements may be deemed "forward-looking statements". Although Brighton Oil believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
