2009-01-12 02:03:01 -
SNRG Corporation (SNRG.PK) advises that the Company has re-established North American oil and gas development activities commencing with the redevelopment of the Gohlke Heirs "B" lease.
The lease consists of approximately 1350 acres and includes 18 wells that were plugged and abandoned in 1975-76 by Shell Oil Company. The lease was developed commencing in 1950 by Shell with
prolific production of oil primarily from the Upper Wilcox zone. The Company intends to re-enter most of the plugged wells and currently has permits to re-enter five wells.
During a preliminary development phase in mid 2008 the Company farmed out the restoration of production from the B-1 well, the only well that had not been plugged by Shell Oil Company. The B-1 production has been restored in the same zone that has produced almost continuously since November 12, 1950. The initial development program will be based on a plugged well study that was conducted on the lease in 1995-96; however the Company anticipates drilling additional wells to develop additional productive zones including the Middle Wilcox, the Yegua, Vicksburg, Frio and Miocene sands as field data supports such development.
The Company has also reported that it has engaged a new independent auditor, Malone & Bailey PC of Houston, Texas. The Company is in the process of drafting and preparing its outstanding filings with the SEC, and hopes to move forward with the process of becoming current in its filings with the SEC. The Company is also in the process of confirming the appointment of additional directors and announcements regarding such shall be forthcoming shortly.
During the past two years the Company has been establishing relationships and assessing opportunities in the Middle-East, North Africa and Eastern Europe in various business activities associated with oil and gas production, refining and marketing. The Company anticipates establishing initiatives in these regions during 2009.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. 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. 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. SNRG Corporation takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
SNRG Corporation
President
D E Fimrite, 713-961-3200
