Petrol
Oil and Gas Acquires Producing Oil Property
Petrol-Paola
Property Enhances Company's Growing Portfolio of Attractive Prospects
LAS VEGAS, Nov. 18, 2004 - Petrol Oil and Gas (OTCBB: POIG) announced
today that it has acquired a 522 acre oil producing property with 35
producing oil wells in eastern Kansas. Portions of this property, called
Petrol-Paola are located adjacent to Petrol's recently acquired oil
property, Petrol-Rantoul (RWJ) which is located just to the east of
Petrol-Paola.
Currently there are 35 wells producing oil
from Petrol-Paola and Petrol plans to enhance production through remedial
work scheduled for this year. Over the past few months Petrol was able to
enhance oil production from Petrol-Rantoul by more than 50% and similar
enhancement techniques and practices will be deployed in Petrol-Paola.
Petrol-Paola covers three counties in
eastern Kansas including, Franklin, Miami, and Johnson counties.
Purchased from Martin Oil LLC the property produces from the Paola and
Rantoul oil fields. Petrol will operate the property for Petrol Paola LLC
in which it has a 20% net revenue interest.
Recently, Petrol completed the acquisition
of a fully equipped CBM gas field producing approximately 3 million cubic
feet per day in the Thayer Gas Field in Southeast Kansas. The Company
also began a 25-well drilling program. The initial target for that
program will be the Coal Creek Project in Coffey County, Kansas. The
program will target multiple Cherokee coal seams that blanket
southeastern Kansas and southwestern Missouri and could support up to
1,700 producing gas wells.
"In just one year, we have turned a
Company with nominal oil and gas assets into a leading energy company in
Eastern Kansas," said Paul Branagan, Petrol's President and CEO.
"We have acquired strong proven production in the Thayer Gas Field.
Our aggressive drilling program in Coffey County is already generating
promising results, as we have encountered up to a dozen gassy coal zones
ranging from one to six feet thick. Promising new acquisitions such as
Petrol-Paola enable us to leverage our operations further. We believe
Petrol is now ideally positioned to capitalize on a strong energy market
for many years."
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