Message #10 From:
Stock News Bot Date: December 9, 2005 05:31:00 AM
SNRG News SNRG Announces Drilling Rig Initiative
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 9, 2005--SNRG Corporation (OTCBB:SNRG) announces that it has commenced an initiative to establish an in house drilling capability for future development of its oil and gas leases. The Company has engaged Mr. Brad Simmons to assist in the establishment of a drilling services capability and recommending investments in this sector to the Board of Directors.
Mr. Simmons, based in Houston, Texas, has been actively involved in the oil & gas business for over 20 years, and has extensive experience in the area of drilling and exploration both domestically and overseas. He previously founded and served as Chairman and CEO of Petrosearch Corporation, a Houston based exploration company, until December, 2005. He will serve as a technical advisor to the Board.
"The oil and gas industry in North America is constrained by the shortage of drilling capacity and most exploration companies are at risk of losing leases due to the shortage of drilling rigs," stated Mr. Fimrite, "We are today initiating a move to seek acquisition targets in order to insure our ability to implement our exploration subsidiary's drilling programs as well as create another profit center consistent with our overall goals within the upstream oil industry. We are very pleased to have the talents and expertise of Mr. Simmons and his network of experts on board in assisting our company with this new initiative".
The Associated Press recently reported a US rig count of 1,491 which is less than one third of the rig count available in the peak operating year 1981. Even with this reduced rig availability the drilling industry suffers from lack of trained and qualified personnel. This supply is inadequate for the needs of the marketplace and must be addressed by exploration companies to facilitate the growth and development of existing and new projects.
SNRG is a diversified energy company with subsidiaries in the upstream and downstream aspects of the oil & gas industry.
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 successful establishment of a drilling services capability and identifying and acquiring targets in order to implement our exploration subsidiary's drilling programs or to generate any profits within the upstream oil industry. 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.
