Message #2 From:
NewsBot Date: March 28, 2007 06:30:00 AM
USSU News USA Superior Energy Holdings, Inc. Purchases 88 Producing Oil Wells from Orbis Operating, LLC
HOUSTON--(BUSINESS WIRE)--USA Superior Energy Holdings, Inc. (OTCBB:USSU) has completed the purchase of 88 fully equipped wells with current average daily production of 40 barrels of petroleum per day (BOPD) or roughly 1,200 barrels per month. The 15 year old wells are located on 1,212 acres of land in Bastrop and Caldwell Counties between Houston and San Antonio, Texas. The Company will begin utilizing its oil well enhancement technologies to increase production on these wells immediately. The project is right in line with the Company’s focus of enhancement secondary recovery using modern, state-of-the-art stimulation techniques.
The purchase is composed of two adjacent fields, the Bateman and Dale McBride, and is producing from Austin Chalk, Dale Lime and Serpentine formations. An independent third-party reservoir engineering firm has been retained to evaluate the existing reserves in this field. Results of this evaluation will be released upon receipt by the Company which is expected to be by mid April.
Jerry Witte, VP of USA Superior Energy Holdings, Inc., stated, “The field complex is an ideal opportunity for this company’s expertise, technologies and strategy. With our expertise and technologies, this shallow, 2,600 foot deep oil field with minimal current production could be increased 2, 3 or possibly 10 fold over time. We can make excellent impact by reducing cost, increasing production and infill drilling new oil wells. This field will become the ‘poster child’ of what USA Superior can do to older oil fields.”
USA Superior Energy Holdings, Inc. is a company with excellent potential focusing on applying new technologies to oil and gas fields as well as other industries. USA Superior is composed of a team of experts in their field, highly qualified with over 200 man-years of oil and gas field experience -- from finding to drilling, well completion to operations and production, to problem solving, seasoned with success. Environmentally concerned and responsible, responsive to project needs and specializing in special projects, USA Superior Energy’s focus has been on developing and utilizing complimentary technologies: Nitrogen (N2) and cased hole horizontal drilling. USA Superior will seek to use these technologies independently or in combination to exploit business opportunities.
Nitrogen (N2) is used to force oil out of reservoirs. It can be applied to existing reservoirs and wellbores, thus minimizing the risk of finding oil and gas. Cased Hole Horizontal Drilling (CHHD) is a new emerging technology that can significantly increase the “communication” from the wellbore to the fluids in the reservoir. With the current price environment, many existing marginal wells can be rejuvenated into very profitable wells.
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. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this new release, and the company assumes no obligation to update the forward-looking statements, or to update the reason 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 that such 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 recent current reports on form 8-K, our annual report on form 10-KSB, our quarterly reports on form 10QSB and other periodic and current reports filed from time to time with the Securities and Exchange Commission.
