EENT - Energy & Engine Technology Corporation Message Board

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Gold/Mining/Energy : EENT - Energy & Engine Technology Corporation

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To: jmhollen who started this subject	2/16/2002 12:58:38 PM
From: jmhollen	of 22

Energy & Engine Technology Corporation Announces Plans to Drill Nacatoch Gas Wells DALLAS, Jan 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- ENERGY & ENGINE TECHNOLOGY CORPORATION (OTC Bulletin Board: EENT chart, msgs) announces today that, through its subsidiary Southern States Gas Gathering, LLC (SSGG) it has contracted with a Petroleum Geologist and located three sites to drill Nacatoch gas wells. Preliminary survey work has started and permits are planned to be ready in three weeks. The Nacatoch Formation in the Caddo Pine Island Field has significant potential for the development and production of natural gas. This field, particularly the Nacatoch Sand located in northern Caddo Pine Louisiana, has continued to produce oil and gas since the early 1900s. The most prolific producing formations in the Caddo Pine Island Field are the Nacatoch Formation and the Annona Chalk Formation. Approximately 400 of the Nacatoch gas wells have been drilled in the past 3 years. Recent development of the Nacatoch "A" Sand, along with improved completion technologies, has improved the initial rates of production and the cumulative production from this sand that ranges from 750 feet to 900 feet below ground surface. The air drilling technology to be used for completion of the Nacatoch Gas wells in the Caddo Pine Island Field has proven to be prudent and economically feasible. Typical Nacatoch Gas wells will initially produce 20-50 MCF per day and slowly decline over the next 6+ years. In reviewing economics, the location of the company's pipeline gathering system for the gas enhances the opportunity. Having availability of a captive gathering system to market this production is a major benefit when developing gas reserves. Steady drilling activity has continued in the Caddo Pine Island Field for the last 3 years for Nacatoch Gas and EENT has secured areas of the field to be potential sites. EENT plans to develop these sites at the rate of 2 new drills per month during 2002. The company has engaged a drilling superintendent that has successfully drilled over 100 of the Nacatoch gas wells. GlobalSat data, an analytical process to select locations for drilling oil/gas wells acquired by the company in September 2001, will be used to pursue deeper drilling opportunities for oil and gas on a parallel effort to develop Nacatoch reserves. This activity fits well in the company's business plan of oil and gas development, redevelopment and applying new technology to the proven Caddo Pine Island Field. Also, please note that the live interview transcript with CEO Cast has been posted on the Company's corporate web site (http://www.eetcorp.net ). Willard G. McAndrew III Chairman Investor Contact: Mark Whittaker Vice President - Investor Relations (704) 987-0770 E-mail: mark@eetcorp.net .

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