Brinx and Partners Complete Successful Oil Well on the Palmetto Point Project, Mississippi
Posted on: Tuesday, 2 October 2007, 12:00 CDT
Brinx Resources, Ltd. (OTCBB: BNXR) (the "Company" or "Brinx") is pleased to announce the completion of the new PP F-12 oil well at Palmetto Point, Mississippi. Initial flow test results from the PP F-12 oil discovery are positive with a flow rate of 100 barrels of oil per day per day on a choke of 12/64 with a flowing tubing pressure of 230 lbs per square inch.
This well is expected to be placed into production and start generating revenues next week, likely at a slightly larger choke size than the 12/64 inch. The initial flow rates were 'water free' at various rates depending upon the choke size. The PP F-12 field discovery is a significant event for the company as Brinx is now producing oil and gas from all three of its projects. Moreover, all Brinx projects have multiple development locations that will be continue to be drilled in the future.
Development of this field is expected to begin immediately, and will initially consist of two development wells that will be drilled as soon as a drilling rig can be contracted and mobilized. The Company hopes to have the two additional development wells drilled and producing by the end of December. Additional development wells in this new field are expected to be drilled in 2008, after future production data is received and analyzed possible development plans for the field could also include horizontal drilling that may increases production rate and ultimate recovery from the field.
The PP F-12 field discovery is a significant advance for the company and adds to its growing reserve base of domestic onshore oil and gas production.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sand Project in Noble County, Oklahoma (40% interest); the Owl Creek Project in McClain County, Oklahoma (42.5 to 70% interest); and the Palmetto Point Project in Mississippi (8 to 8.5% interest). Brinx Resources is seeking to further develop its existing project through development or offset drilling and expand its portfolio to include additional interests North America.
Leroy Halterman, President
The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.
Brinx Resources, Ltd. 820 Piedra Vista Road NE, Albuquerque, NM 87123-1954 Corporate Office: 505.291.0158 ~ Fax: 505.291.0158
For More Information Contact: Brinx Resources, Ltd. Jesse Keller Investor Relations Toll Free: 1-888-33-BRINX (27469) International: + 250-491-1786 ir@brinxresources.comwww.brinxresources.com
SOURCE: Brinx Resources, Ltd.
Source: MARKET WIRE
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