Wed, Jan 9, 2002 12:08 PM - Expands U.S. Acquisition Activities
WILLOW PARK, Texas, Jan 9, 2002 /PRNewswire via COMTEX/ -- Ness Energy International, Inc. (NESS) announced today that it has acquired 4,000 contiguous acres of mineral rights in West Texas and 4,200 acres of mineral rights in the immediate surrounding area which is 10 to 20 miles northwest of Ft. Worth. These additional leases are approximately 10 miles west of Weatherford and 10 to 20 miles northwest of Ft. Worth and are located in the middle of highly productive fields of strawn and conglomerate production. There are also untouched Barnett Shale and Ellenberger formations 1,000 feet below the other productive pay zones. The leases were acquired in private transactions. These transactions bring the total acquired acreage in Texas since the beginning of the year to 11,200.
"We believe that this additional acreage holds a great deal of promise," said Hayseed Stephens, Ness Energy's CEO. "It is on top of one of the great newly discovered oil formations of modern times where George Mitchell, a leading developer of oil and gas properties, amassed the final part of his fortune. We look forward to drilling these highly attractive prospects and balancing compelling opportunities in Israel with exciting prospects in the U.S."
Ness's leases and adjacent leases contain two continuous layers of highly productive zones underneath the shallower zones that either are currently producing or have produced in the past. The Barnett Shale and Ellenberger runs approximately to the Red River. These productive leases contain potential productive zones of five strawn sands and two conglomerate zones. These were first discovered 35-40 years ago and have produced hundreds of billions of MCF of gas since then.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward- looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
For additional information or questions, call Rick Palmer at 817-341-1477.
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SOURCE Ness Energy International, Inc.
CONTACT: Rick Palmer of Ness Energy International, Inc.,
+1-817-341-1477
URL: nessenergy.com
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