Newly Completed Well in Louisiana To Boost Castleguard Revenues
DALLAS, Jan 11, 2001 (BUSINESS WIRE) -- Castleguard Energy, Inc. (OTCBB: MOAT), a Dallas-based independent oil and gas company, reports completion of HC COX 28-1 near Minden in Webster Parish, Louisiana.
The well, drilled to a total depth of 10,882 feet, is flowing initially at an average rate of 5,600 MCF per day. Production has been sold to Reliant Energy.
Castleguard holds a 14% working interest in the property.
"We are quite pleased with the well's performance at this early stage of production," Scott Heape, Castleguard Chairman, said. "Castleguard is positioned to benefit dramatically from today's higher natural gas prices."
Castleguard Energy, Inc. holds working interests in properties located in Texas, Louisiana and Alabama. Castleguard focuses on development projects, joint working relationships and non-operated properties.
This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Castleguard believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include political developments in foreign countries, federal and state regulatory developments, the timing and extent of changes in commodity prices, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, and conditions of the capital and equity markets during the periods covered by the forward-looking statements. Castleguard's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements.
CONTACT: Castleguard Energy, Inc., Dallas
Bob Honea, 214/361-1755 |
