King Announces Participation in Drilling Program
GULFPORT, Miss., Jun 28, 2001 /PRNewswire via COMTEX/ -- King Resources, Inc. (OTC Bulletin Board: KING chart, msgs), www.kingresources.com , announced this morning that the company has entered an agreement to participate in the drilling of three development wells in Matagorda County, Texas. The drilling contract specifies that the first well will be spudded prior to July 20, 2001. The wells will be drilled to approximately 7000 feet and each will take approximately fifteen days to drill and complete. Production facilities are in place and gas sales will commence immediately upon completion. Initial production is expected to be two million cubic feet per day per well. At today's gas prices projected revenue to King would be approximately $200,000 per month.
In addition to the above, King is negotiating to participate in a twenty well, shallow gas drilling program near Graham, Texas which will commence in approximately three months.
The above is part of King's business plan to generate low risk cash flow in the onshore United States while pursuing higher potential, higher risk projects overseas.
This press release contains forward looking statements, such as future development activity. King notes that there are a variety of factors that could cause the actual results to differ materially from the anticipated results expressed.
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Source: s, Inc.
Contact:
Norris R. Harris, President of King Resources, Inc.,
228-864-6667
URL: kingresources.com |
