[Dale needs the money desperately<g> And looks like the two companies might join together for IPO]--Centurion Participates in Drilling of Gas Condensate in Texas
Tuesday December 13, 4:46 pm ET
JOHANNESBURG, South Africa--(BUSINESS WIRE)--Dec. 13, 2005--Centurion Gold Holdings, Inc. (OTCBB:CGHI - News), a natural resource development company, today announced it will be drilling its first gas well in its South Texas joint venture with Escopeta Oil on the BBB prospect. Centurion has a 10% interest in this well which is located in Wharton, Texas. The project will cost approximately $2.292 million and is expected to produce 4.0 BCF of gas and 100,000 BO. Drilling is to commence the week of December 15th, 2005 and is expected to be completed by January 15th, 2006. Flow rates are anticipated to be 3.000 MCF and 100 BO/day which should be on line by the end of February 2006. The prospect was developed by Escopeta & Premier E&P.
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CEO and Chairman of Centurion Gold Holdings, Inc., Dale Paul, commented, "This is one more project that is representative of Centurion's strategy in developing undervalued assets that have the potential to generate a strong return on investment. This project is particularly attractive in that it can be developed within a quick timeframe. Our partners at Escopeta have a very solid experience and understanding of the oil and gas market and have brought Centurion exceptional opportunities that create shareholder value."
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 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.
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