TDYH 3.20 + .19 continues to come back. Has been much, much higher. Finally, doing some PR. Check out the projected numbers this one has in terms of reserves. You can find lots of info on the IHub board.
Tandem Announces Rig Purchase and Operations Update
Business Wire - September 29, 2005 09:00
MIDLAND, Texas, Sep 29, 2005 (BUSINESS WIRE) -- Tandem Energy Holdings Inc. (OTC:TDYH) (the "Company") today announced that it has completed the previously announced purchase of a second drilling rig. The refurbished rig, purchased for $275,000 out of existing cash flow, is capable of drilling to a depth of approximately 6,000 feet. Upon completion of a contractual obligation to drill seven wells for a third party in northern Louisiana, the rig will be transported to Texas to begin drilling the Company's inventory of proved undeveloped locations. In the mean time, the Company will profit from the third-party drilling contract.
Hurricane Rita Update:
Two Company-operated fields located in southeast Texas were shut-in ahead of Hurricane Rita last week. The Tomball field, the Company's single most productive field located 20 miles northwest of Houston, suffered no damage and was returned to full production on Sunday, September 25, 2005. The Batson field, located 25 miles northwest of Beaumont, Texas, reported heavy damage to power lines and roads and remains shut-in. The Company produces approximately 55 net barrels of oil per day from this lease. An assessment is being made to determine the extent of the damage, and at this time, the Company is not sure when power and accessibility will be restored.
Drilling Operations Update:
The Company is drilling its third well on the Ira Unit in Scurry County, Texas. The first well, the Ira (1700' Zone) Unit No. 5954 is producing approximately 30 gross, 21 net barrels of oil per day. This well was drilled and completed for a net cost of approximately $120,000, utilizing the Company's rig No. 11. The second well, the Ira (1700' Zone) Unit No. 6719, has been logged, and completion operations are underway. The Company's plans are to drill a well every 8-10 days for the remainder of 2005, subject to product prices, service availability, and cash flow.
Forward-Looking Statements:
Statements about the company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.
Tandem Energy Holdings Inc.
200 N. Loraine, Suite 500
Midland, Texas 79701
SOURCE: Tandem Energy Holdings Inc.
Tandem Energy Holdings Inc., Midland
Mickey Cunningham, 432-686-7136
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