DALLAS, Jan 10, 2002 (M2 PRESSWIRE via COMTEX) -- Energy & ENGINE TECHNOLOGY
CORPORATION (OTC Bulletin Board: EENT) announces today that, through its
subsidiary Southern States Gas Gathering, LLC (SSGG) it has successfully
completed its first connection to a Gas Sales Tap in the Caddo Pine Island Field
in Louisiana. Delivery of gas to the purchaser began on January 9, 2002.
This marks the company's first entry into the energy industry after its
acquisition of SSGG and its 65-mile gathering system in September of 2001.
Over the last 60 days line extension work has added 3.5 miles of 3`` trunk line
and 1.6 miles of gathering line which enabled its first capture of casing head
gas from Anonna Chalk Wells and connection into one of two Sales Taps for the
delivery of gas to the market. Crews will continue connection and hook-up
procedures and will accomplish the completion of its five mile Gas Sales Trunk
Line extension over the next 30 days so that further lease hook-up can continue.
Company officials project substantial income potential. This represents its
first step of development in the pipeline gathering system.
Details of the Gas Gathering System and its Business Plan are posted on the
Company's corporate web site (http://www.eetcorp.net ).
Established in 1994, the Southern States Gas Gathering, LLC system is located in
northwest Louisiana within the Caddo Pine Island field where over 10,000 wells
have been drilled to develop oil and gas reserves. The system has a replacement
cost as determined by a professional petroleum geologist, of $2,300,000.00 USD.
Historically casing head gas has been vented into the atmosphere from wells
throughout this field and it is estimated that the strategic positioning of the
gathering system will allow the connection of an estimated 3,000 of these wells
for gathering the gas without the extension of the initial 65 miles of trunk
line. This enables the ultimate gathering of 5000 MCF/D (5,000,000 cubic feet of
gas per day) of rich 1100-1200 BTU gas which collectively creates attractive
revenue for the gathering system and the producers in the field. The new line
extension increases this estimated potential.
GlobalSat data, an analytical process to select locations for drilling oil/gas
wells was also included with the September purchase. The gathering system is
located in an area where drilling activity is occurring and the Company believes
leases can be obtained to pursue drilling locations using GlobalSat Technology
data. Efforts to identify drilling and development opportunities are underway.
Since 1996 there have been over 400 new and successful wells drilled in the
Caddo Pine Island Field.
Willard G. McAndrew III Chairman
Investor Contact: Mark Whittaker Vice President - Investor Relations (704)
987-0770 E-mail: mark@eetcorp.net
The Private Securities Litigation Reform Act of 1995 provides a ``safe harbor''
for forward-looking statements. Certain information included in this
communication (as well as information included in oral statements or other
written statements made or to be made by Energy & Engine Technology Corporation)
contains statements that are forward-looking, such as statements relating to the
future anticipated direction of the high technology and energy industries, plans
for future expansion, various business development activities, planned capital
expenditures, future funding sources, anticipated sales growth and potential
contracts. Such forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results in the future
and, accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of Energy & Engine Technology
Corporation. These risks and uncertainties include, but are not limited to,
those relating to development and expansion activities, dependence on existing
management, financial activities, domestic and global economic conditions,
changes in federal or state tax laws, and market competition factors.
SOURCE: Energy & Engine Technology Corporation |
