Petrol Oil and Gas Announces
Testing of One of Its New Wells Acquired in a 36,000-Acre Lease Purchase
April 23, 2004
11:51:00 AM ET
Petrol Oil and Gas Inc. (OTC BB: POIG) announced today that they are
testing one of their newly acquired wells in a mineral lease purchase
from CBM Energy Inc. of Kansas City, Kan. The purchase involved the
acquisition of approximately 36,000 acres of mineral leases in eastern
Kansas that includes 13 existing wells.
Mark Haas, president of
CBM Energy Inc., said, "All of us at CBM Energy are excited to have
a company well-positioned in the development of Kansas coal bed methane (CBM)
like Petrol Oil and Gas begin testing these properties' resources.
Furthermore, we are very pleased to be associated with Petrol and we will
support them in their future acquisition and development programs."
Petrol's corporate
strategy is focused on the exploration, development and production of
coal bed methane ("CBM") gas and other producible minerals,
with their present leasing and development efforts concentrated on the
Western Interior basin in eastern Kansas and western Missouri.
"We are very pleased
to be testing one of our newly acquired wells in eastern Kansas and are
encouraged by the initial results," stated Paul Branagan, president
of Petrol. Branagan went on to say, "These newly acquired 36,000
mineral acres provides Petrol with drilling locations for an additional
400 or more gas wells based on 80-acre spacing."
Petrol's total leased
acreage in eastern Kansas now stands at approximately 129,000 acres. When
combined with Petrol's Missouri mineral leases, the company now has
approximately 150,000 acres under lease.
Forward-Looking
Statement: The statements in this press release regarding any implied or
perceived benefits from the Coal Creek Project, plans to drill additional
CBM gas wells, anticipated revenues, the actual number of supportable
wells, the acquisition of additional oil or gas leases, maintaining
mineral lease rights, and any other effects resulting from any of the
above are forward-looking statements. Such statements involve risks and
uncertainties, including, but not limited to, the continued production of
gas at historical rates, costs of operations, delays, and any other
difficulties related to producing minerals such as oil or gas, continued
maintenance of the oil field and properties, price of oil or gas,
marketing and sales of produced minerals, risks and effects of legal and
administrative proceedings and governmental regulation, future financial
and operational results, competition, general economic conditions, and
the ability to manage and continue growth.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual outcomes may vary
materially from those indicated. Important factors that could cause
actual results to differ materially from the forward-looking statements
we make in this news release include market conditions and those set
forth in reports or documents we file from time to time with the SEC. We
undertake no obligation to revise or update such statements to reflect
current events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Source:
Petrol Oil and Gas Inc.
Petrol Oil
and Gas, Inc. is a featured company on
www.NaturalGasStocks.com
Contact:
Investor Information:
Petrol Oil and Gas Inc.
702-454-7318
www.petroloilandgas.com
or
CEOcast,
Inc. for Petrol Oil and Gas
Ed
Lewis, 212-732-4300 x 225