Since my last post around 6/7/04, LXRS has increased $0.39 (US) per share. Since 2/23/04, it has increased $3.17 (US) per share.(See below update to historical prices.) Also, the second gas well drilled has successfully come in as announced this morning in a company news release. The share price went up 0.09 yesterday, as did the volume the last three days, apparently in anticipation of this morning’s press release. (See news release below.)
DATE OPEN HIGH LOW CLOSE VOLUME
6/21/2004 6.94 7.02 6.92 7.02 221,441
6/18/2004 6.90 6.93 6.88 6.93 144,313
6/17/2004 6.85 6.90 6.85 6.88 131,139
6/16/2004 6.81 6.85 6.79 6.85 45,912
6/15/2004 6.75 6.81 6.74 6.81 65,520
6/14/2004 6.74 6.75 6.71 6.75 89,632
6/10/2004 6.70 6.73 6.68 6.73 49,767
6/9/2004 6.69 6.70 6.67 6.70 40,940
6/8/2004 6.63 6.67 6.63 6.67 84,083
6/7/2004 6.63 6.65 6.61 6.63 92,068
LOOKS LIKE THIS COMPANY IS FOR REAL. Sure would be nice if some of you readers would look into this company and report your findings to the rest of us.
Lexington Resources Reports New CBM Gas Well Production, Land Acquisition, and Further Drilling Plans
LAS VEGAS, Jun 22, 2004 /PRNewswire-FirstCall via Comtex/ -- Lexington Resources, Inc. (OTC Bulletin Board: LXRS) (the "Company"), announces that the Company's Kyndal #2-2 Coal Bed Methane ("CBM") gas well reports initial flow rates of 500 Million Cubic Feet ("MCF") per day from the Hartshorne Coal target producing zone. The well feeds directly into the prospect's existing pipeline infrastructure to provide immediate gas sales. Although gas quality is not yet determined, Company management estimates that gas quality will be similar to the Kellster 1-5 well that averages approximately 0.94 to 0.95 BTU factor gas. The Kyndal #2-2 is the second of 4 to 5 horizontal gas wells that are to be drilled on the Company's Wagnon lease located in Pittsburg County, Oklahoma.
Lexington's President, Grant Atkins commented, "Our business strategy of obtaining smaller, but higher quality land positions for our first drillable land inventory, helps ensure consistent production right out of the gate. The Company's 100% success rate on our first two wells continues to validate the quality of our drilling and production team. As a result, I am confident that that our well completion percentage can remain consistently high".
The Kyndal #2-2 well is undergoing dewatering processes predictable to CBM gas wells that can incline in production once dewatering phases expose further gas producing reservoir rock. Fletcher Lewis Engineering will be retained to estimate reserves for the Company in this location. Other horizontal CBM gas wells in the area of production are reporting reserve estimates up to 0.7 Billion Cubic Feet ("BCF") per well.
The Company's operating subsidiary will "back-in" to a residual 53.2% working interest in net proceeds on the all wells located on the Company's Wagnon lease once capital repayment is complete. The third well on the Wagnon lease to be named the Bryce #3-2 is scheduled to begin in approximately fourteen days.
In addition, the Company has added to its South Lamar Gas Prospect's land position located in Hughes County, Oklahoma obtaining an additional estimated 200 acres. The additional acreage will allow the Company to drill an additional 4 to 5 wells on a full section of land in the prospect by either acquiring or pooling additional minor acreage required to complete the section, adding 4 to 5 further potential well sites to existing drillable inventory. Drilling plans for the South Lamar Gas Prospect are under current planning phases by the Company.
About Lexington Resources, Inc.: Lexington Resources, Inc. is a natural resource exploration company engaged in the acquisition and development of oil and natural gas properties in the United States. Its current operational focus is on gas development initiatives in the Arkoma Basin, Oklahoma. The Company expects to weight its development initiatives towards gas production. For further information: www.lexingtonresources.com
For pictures available from current drilling operations, please see the Company's website at: www.lexingtonresources.com/kyndal
In addition, all current shareholders, and interested parties should sign into the private Corporate Guest Book, to receive timely updates and information on any future developments as they happen.
Contact North America: Marcus Johnson
Phone: Toll Free (888) 848-7377 or (702) 382-5139 Fax: (702) 385-1202
Contact Europe: Richard Elliot-Square
Phone: 41.43.888.67.00 Fax: 41.43.888.67.09
Stock Exchange Information: Symbol: OTCBB -- LXRS
Frankfurt/Berlin Symbol -- LXR, WKN: A0BKLP, ISN: US5295611025
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
SOURCE Lexington Resources, Inc.
North America, Marcus Johnson, +1-888-848-7377, or
+1-702-382-5139, or fax, +1-702-385-1202, or Europe, Richard Elliot-Square,
41-43-888-67-00, or fax, 41-43-888-67-09, both of Lexington Resources, Inc.
Copyright (C) 2004 PR Newswire. All rights reserved. |
