DENVER, Nov. 26 /PRNewswire/ -- Kestrel Energy, Inc. (Nasdaq: KEST - news), an oil and gas exploration and production company, today provided an update of its drilling efforts on the Greer-1 well in California's San Joaquin Basin.
Greer-1 has reached the first Miocene sand target at a depth of 8,460 feet, where there were no visible shows of hydrocarbons. Drilling efforts are now proceeding to a secondary target at a depth of approximately 10,400 feet.
The Greer-1 is testing the seismically defined Greer Prospect, which is interpreted to have the potential to contain up to 20 million barrels of oil, if oil is present. Kestrel is the operator on the well and has a 50% working interest in the project. Headquartered in Denver, Kestrel has producing properties in California, Louisiana, New Mexico, Oklahoma, Texas and Wyoming.
Statements made in this news release that are not historical facts may be forward looking statements. Actual results may differ materially from those projected in any forward looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information. In addition, while the Company's current plans are to drill the wells or develop the properties cited herein at the times and in the manner described, various factors, including but not limited to actual drilling results, equipment availability or breakage, financial or other problems of the operators or co- venturers, could change those plans. A description of the risks and uncertainties which are generally attendant to Kestrel Energy and its industry and other factors which could affect the Company's financial results are included in the Company's report to the Securities and Exchange Commission on Form 10-K. |
