Message #5 From:
NewsBot Date: September 26, 2006 12:05:00 PM
NHCT News Brighton Oil to Acquire 951,230 Acres of Oil & Gas Mineral Rights in New Mexico and Arizona
LOS ANGELES--(BUSINESS WIRE)--National Healthcare Technology (OTCBB: NHCT), currently doing business
as Brighton Oil, announced today that it has entered into a lease
agreement with PetroSun, Inc. Brighton Oil will acquire from PetroSun a
fifty percent working interest in 951,230.64 acres of oil and gas
mineral rights within the Holbrook Basin of Arizona and the San Juan
Basin of New Mexico. An assessment of that leasehold has anticipated
eighteen prospective areas of oil and gas potential.
During the initial term of the agreement, Brighton Oil plans to engage
in strategic joint ventures with industry partners to fully exploit the
prospective acreage. Brighton will be acquiring drilling rigs in order
to provide the drilling services for the projects. The company expects
to begin its exploration activities within the leasehold during the next
quarter of 2006.
The San Juan Basin, located primarily in New Mexico, is the second
largest natural gas field in the contiguous United States. The basin
contains more than 300 oil and gas fields that produce from Paleozoic,
Jurassic, Cretaceous and Tertiary reservoirs. A geologic assessment by
the U.S. Geological Survey discussed 50.6 trillion cubic feet of
potential undiscovered natural gas in the basin, which is already rated
as one of the richest natural gas reserves in the world.
The Holbrook Basin is located in east-central Arizona and contains
Paleozoic rocks including sabkha deposits of Permian age. The sabkha
deposits consist primarily of fine-grained red beds that are locally
interbedded with limestone, anhydrite and salt. The Holbrook Basin
sabkha deposits are similar in age and characteristics to the deposits
found in the Permian Basin of West Texas.
The Holbrook Basin has produced commercial quantities of helium,
contains a large discovery of carbon dioxide and has recorded numerous
shows of oil and gas in exploration wells. The drilling depths in the
basin range from 1,000 feet to 6,000 feet.
The approximate purchase price is $4.7 million, with a closing date on
or before November 15, 2006, and is subject to certain terms and
conditions of the purchase agreement.
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.
Except historical matter contained herein, matters discussed in this
news release are forward-looking statements and are made pursuant to the
safe harbor provision of the Private Securities Litigation Reform Act of
1995. These forward-looking statements reflect assumptions and involve
risks and uncertainties, which may affect the Company’s
business and prospects and cause actual results to differ materially
from these forward-looking statements.
