Successful New Well in Louisiana Sets Up Additional Drilling Sites
DALLAS--(BUSINESS WIRE)--Feb. 12, 2001--Castleguard Energy, Inc. (OTCBB:MOAT), a Dallas-based independent oil and gas company, reports that the successful completion of its HC Cox 28-1 near Minden in Webster Parish, La., has set up two additional drilling locations in Castleguard's program to maximize revenues from its north Louisiana operations.
HC Cox 28-1 flowed initially at an average rate of 5,600 MCF per day. The flow has subsequently increased to an average rate of 6,200 MCF per day. Castleguard holds a 14% working interest in the property. "When you combine the average daily flow of the HC Cox 28-1, the prolific nature of the Minden Dome and today's higher natural gas prices, we are confident the time is right to pursue our two additional Minden drilling opportunities," Scott Heape, Castleguard Chairman, said.
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. --30--lr/da*
CONTACT: Castleguard Energy, Inc., Dallas Bob Honea, 214/361-1755 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 2000 Business Wire |
