Creston Resources' Subsidiary, Homeland Gas and Oil, Brings in Another Well; Primarily a Natural Gas Producer
September 15, 2004 09:01:00 AM ET
Creston Resources Inc. (Pink Sheets: CSTJ) announced today the successful test of its Ute 1-34-Z2 well, which was recompleted into the Upper Green River formation (perforations between 7,500 feet - 8,200 feet) as a gas producer located on the Ute Tribal lands in the Uintah basin of eastern Utah. Paul McCulliss, the president of Creston Resources, confirmed that the well tested 800 MCFD of 1150 btu gas (no liquids) on a 7/64 choke, with an FTP of 2700 psig. "The gas is under contract with a major gas producer and the well has begun selling gas immediately. We are very excited about the ultimate potential of this well," said McCulliss.
McCulliss explained that this area, known as Coyote Basin, has traditionally been classified as a deep Wasatch oil and gas play with depths of around 18,000 feet. "Creston has extensive lease holdings in the Coyote Basin and has staked eight well locations targeting the Green River formation," said McCulliss. "Creston likes this area because of the multiple Green River pay zones that are above 12,000 feet. Creston's objectives are three proven zones of interest," said McCulliss, "the transition zone between the Wasatch and Green River, the traditional Green River oil zone, and the Upper Green River gas zone." McCulliss concluded by stating that Creston anticipates reserves commensurate with wells in this area which average 200,000 barrels of oil and 3BCF of natural gas.
This press release in no way constitutes a reason to purchase the stock of CSTJ as the company cannot predict the outcome to be a success.
Forward-looking statements and comments in this press release are made pursuant to the safe harbor provisions of the Securities and Exchange Act of 1934. Such statements relating to, among other things, the prospects for the companies to complete the transactions and enhance the operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the company from time to time with the Securities and Exchange Commission in the future.
Contact Information: Creston Resources Inc.
Paul L. McCulliss, 801-364-9724 www.crestonresources.com
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