Wednesday July 22, 9:59 am Eastern Time
Company Press Release
SOURCE: ARXA International Energy, Inc.
ARXA International Announces Successful New Discovery
HOUSTON, July 22 /PRNewswire/ -- ARXA International Energy, Inc. (OTC Bulletin Board: ARXA - news) announced today successful completion of the Vesley #1 in LaVaca County, Texas. Initial production from the 3,255 foot Frio Sand was 525 mcf per day at 1,150 pounds tubing pressure. ARXA has a 50% working interest in the well.
Craig Ford, President and CEO of ARXA, stated that ''The Vesley #1 is a very good natural gas well. Natural gas prices have rebounded significantly and are holding relatively firm. The Vesley should contribute an estimated $18,000 per month in new cash flow and reserves are estimated in the $1 million range.'' Mr. Ford went on to explain that ''What ARXA is most excited about is the upside potential for additional development. There is a second (upper) Frio zone at 3,205 foot behind pipe, and we see a significant Yegua play as an off-set well. The Yegua test would be a new well with new reserves which we would defer a drilling proposal until crude prices heal, perhaps by the fourth quarter.''
ARXA International Energy, Inc. is a fully reporting public company engaged in oil and gas reserve acquisition and development in the US.
This press release contains forward-looking statements, such as cash flows and recoverable reserves. ARXA notes that there are a variety of factors which could cause the actual results to differ materially from the anticipated results expressed.
SOURCE: ARXA International Energy, Inc.
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