Centurion Gold Holdings Expands into Oil & Gas Exploration; Acquires Majority Interest in 130,000 Acres of Oil and Gas Leases in Alaska; Possible Resource of 1.2 Billion Barrels of Oil and 7 TCF of Gas
2005-10-21 06:00 ET - News Release
JOHANNESBURG, South Africa -- (Business Wire) -- Oct. 21, 2005
Centurion Gold Holdings, Inc. (OTCBB:CGHI) the only
South African junior gold mining company publicly listed in the U.S.,
announced today that it has expanded its natural resources exploration
and development activities to include the Oil and Gas Sector by
entering into an agreement with Escopeta Oil Co., LLC of Houston,
Texas. The agreement includes development of 130,000 acres of Leases
in the Cook Inlet Basin of Alaska. Centurion and Escopeta intend to
drill five Oil and Gas wells in the next two years. Escopeta will be
the operator for the program.
Dale Paul, CEO and Chairman of Centurion Gold Holdings commented,
"The management of Centurion has recognised what some might call an
unprecedented opportunity to develop major oil and gas reserves in
Alaska at a time when prices make it attractive to enter the oil and
gas business. Centurion has acted swiftly to secure this lucrative
agreement to participate with Escopeta in the development of these
interests in the State of Alaska. Large reserves of oil and natural
gas are available to be drilled upon immediately. Management believes
that the Cook Inlet Agreement opens up new financial frontiers for the
shareholders of Centurion and if successful could possibly make
Centurion one of the stronger independent oil companies in the U.S.
Permitting will be filed shortly and Escopeta and Centurion are moving
forward to secure a Jack-Up Rig to bring to the Cook Inlet Basin to
begin drilling in the Summer of 2006."
The Proposed Drilling Schedule to develop these fields is as
follows:
-0-
*T
ESCOPETA/CENTURION DRILLING SCHEDULE
1) East Kitchen (Probable Offshore 2.7 TCFG, 457 MMBO) Spring of 2006
2) North Alexander (Probable Onshore .512 TCFG) Winter of 2006-2007
3) Kitchen (Probable Offshore 3.9 TCFG, 829 MMBO) March 2007
4) South Kitchen (Probable Offshore 1.6 TCFG, 125 MMBO) July 2007
*T
About Escopeta Oil Co., LLC:
Escopeta Oil is an independent oil company based in Houston, Texas
and holds State of Alaska Leases located in the Cook Inlet Basin,
Alaska, known as "The Kitchen Prospects". Escopeta's extensive
geological research and state of the art reprocessed seismic data of
the Kitchen Prospect area has resulted in Escopeta's management and
professionals estimating that the "Kitchen Prospects" could possibly
contain recoverable reserves up to 7 trillion cubic feet (7.0 TCF) of
Natural Gas and between 435 million to one billion two hundred million
(1.2 billion) barrels of oil. The Kitchen Prospect areas are
conveniently situated for immediate sale of produced oil and natural
gas when the fields come on line. The "Kitchen Prospect" leases in the
Cook Inlet Basin are located both onshore and offshore and have been
characterised as the "missing giant fields of the Cook Inlet Basin" in
a lead article of the Petroleum News, Alaska, August 29, 2004.
The principals of Escopeta hold interests in the 160 million
barrel "Cosmopolitan" Field operated by Conoco Phillips in the Cook
Inlet Basin, Alaska. Escopeta has demonstrated its Cook Inlet Basin
insight in 1995 with a participation in the leases that now comprise a
large part of the "Cosmo" discovery.
Centurion Gold Holdings, Inc.:
Centurion Gold Holdings is the only South African junior gold
mining company publicly listed in the United States. The Company is
executing a roll-up strategy acquiring proven mineral assets, and
working towards "growth through acquisition". These mineral assets
generally have combined the potential for a near term revenue stream
and existing low cost production operations with turnaround
opportunities. Based in South Africa, the Company is ideally suited to
exploit new legislation implemented by the South African government in
May 2004. This legislation enforces a "use it or lose it" strategy,
whereby all mining claims must be prospected within a designated time
frame, otherwise, such prospects revert to the state, thereby creating
never before seen opportunities, particularly for smaller companies
like Centurion. The Company has built a strong team of experienced
management and operations mining professionals to exploit these
opportunities, and is positioning itself to become a major producer by
continually implementing its "growth through acquisition" strategy.
www.centuriongold.com
Forward-Looking Statements:
Statements about the Company's future expectations, including
future revenues and earnings, and all other statements in this press
release other than historical facts are "forward-looking statements"
within the meaning of section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934, and as the term is
defined in the Private Securities Litigation Reform Act of 1995. The
company's actual results could differ materially from expected
results. The Company undertakes no obligation to update
forward-looking statements to reflect subsequently occurring events or
circumstances. Should events occur which materially affect any
comments made within this press release the Company will appropriately
inform the public.
Contacts:
In the United States:
MCC Financial Services
Leslie Richardson, 310-453-4667 x239
ir@mccglobal.com
or
Escopeta Oil Co., LLC
Danny S. Davis, 713-623-2219
escopeta@swbell.net
or
In Europe:
MCC Financial Services
Carrie Howes, +44 (0) 207 408 5406
ir@mccglobal.com |
