Message #5 From:
NewsBot Date: September 20, 2005 07:16:00 AM
SNRG News SNRG Acquires Interest in Shelby County Patroon Prospect
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Sept. 20, 2005--SNRG Corporation (OTCBB:SNRG), announced today that the Company has signed a Participation Agreement with Texas Land & Petroleum Company, LLC, of Wylie, TX to acquire a 10% working interest in their Patroon Field Prospect, Mooringsport test, Shelby County Texas (James Rowe, Abstract 585).
The Patroon prospect is up-dip to a Northeast, Southwest fault line and directly offsets a well that was drilled and completed in 1948 by Humble Oil. The Humble #1-C Pickering well was tested in two of three Upper Glen Rose/Mooringsport zones totaling 60' of pay, and completed in one with 28' of pay. The lower zone at 5272'-5290 test at 1,758 mcf/d and 135 barrels of oil per day (bopd). Since the nearest gas line was a hundred miles away at that time, this zone was never produced. The next Mooringsport up the hole at 5,164'-5192' tested at 1,204 mcf/d and 109 bopd and was completed and produced for approximately 18 months, totaling around 15,000 barrels of oil while flaring the gas. The well was subsequently abandoned due to the very low price of oil and lack of gas value in 1950.
"This investment marks the first new oil and gas initiative by the Company since our reorganization," stated Mr. Fimrite. "We expect to aggressively pursue new acquisitions in conventional oil and gas and also aggressively develop our existing holdings."
The Patroon Prospect covers 800+ acres and will, if successful, support 5-6 wells on 160 ac. spacing units, and 8-10 on 80 ac. Units. The Texas Railroad Commission (TRRC) has issued a Drilling Permit for the initial test well and drilling is expected to commence in the next few weeks.
"SNRG will continue to expand its footprint in conventional energy while developing its footprint in recovered energy through its Bay City Texas gasification facility," continued Mr. Fimrite. "We need to recover and prudently manage all of our energy sources."
For additional information, please visit our Web site at: www.SNRG.net. Please note the new corporate address and contact numbers below.
Corporate Offices:
14300 N Northsight Blvd, Ste 227
Scottsdale, AZ, 85260
Tel: 480-991-2040
Fax: 480-991-2203
Forward-Looking Statements: This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the success of the Patroon Prospect, the number of wells it may support and the drilling of an initial test well.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration; changes in reserve estimates if any; the potential productivity of our properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas production and exploration and the unproven nature of alternative energy technologies and its commercial viability. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2004 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
