Message #7 From:
NewsBot Date: October 6, 2006 05:00:00 AM
NHCT News Brighton Oil Obtains Final Approval on South Liberty Oil Field Lease
LOS ANGELES--(BUSINESS WIRE)--National Healthcare Technology Inc. (OTCBB:NHCT), d/b/a Brighton Oil,
announced today that it has received final approval for the development
plan associated with the project and operations in the South Liberty
County Oil Lease. It is anticipated that the assignments between the
various interested parties of this transaction will be executed next
week. After the completion of the assignments, Brighton can commence
operations in order to further develop the existing production and to
develop additional production on the field.
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, the Gulf Crown
#6, will also be drilled. The overall project will consist of completing
the work-overs and re-entry of the existing wells. The company also
plans an updip 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 as it offers existing
production, ongoing work-over opportunities, as well as new drilling
into established formations and zones of production.
Sam Petrossian, Chief Executive Officer of Brighton Oil, commented, “The
South Liberty Oil Field Lease is a perfect complement to our growing
portfolio of oil field assets. We remain completely focused on only
acquiring properties that can yield near term production for our company.”
About Brighton Oil
Brighton Oil 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 advanced technologies in both mapping and
the use of 3D seismic reports and information. Brighton Oil 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.
