All Messages |  BGOI Message Board Home | recommend post |  Ignore Poster

Bonanza Oil & Gas Announces Closing on Two Debt Offerings

Bonanza Oil and Gas, Inc. (OTCBB:BGOI Financial Message Boards) (the “Company”), an independent oil and gas company, is pleased to provide an update on the Company’s successful closing of a debt offering as well as an update on its Apclark project located in Borden County, Texas.

The Company during the last few months has closed on additional debt of $1,550,000. As part of the use of these proceeds, the Company will move the Patterson Rig # 427 to the second location to begin drilling the Everett # 7, which is the second well in the series of 14 horizontal wells planned for the Apclark Project. The Everett # 7 well will be drilled to 7,000 feet vertically into the Jo Mill Spraberry Zone, which tested positively in connection with the Company’s drilling of the Jackson #1 well. The Company will then drill 4,000 feet laterally (horizontal leg) into this zone, and will have a total measured depth of 11,000 feet. “We are pleased with the success of these offerings as they allow us to continue our planned drilling program,” said Bill Wiseman, President and CEO.

About Bonanza Oil & Gas, Inc.

Based in Houston, TX, Bonanza Oil and Gas, Inc. holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in Proven Undeveloped (PUDS) properties.

Safe Harbor Statement

Some of the statements made by the Company in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. The Company believes that its primary risk factors include, but are not limited to: production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others. Additional information concerning these and other important factors can be found within the Company's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors.