WW Energy Issues Update on Wells in Terry County, Texas
Posted on: Thursday, 6 March 2008, 09:00 CST
WW Energy Inc. (Pink Sheets: WWNG) -- a holding company that was created to acquire oil and gas service companies as well as oil and gas--related assets -- announced that the Company has signed a Letter of Intent for the Producing Wells in Terry County, Texas.
WW Energy is moving forward on wells, and hopes to finish engineering study soon.
WW Energy Inc. has the opportunity to purchase a working interest in the field mentioned above. This would give the company a cash flow of approximately $500,000.00 per month. The total field is producing approximately 2,150 bbls. of oil and 3,985 mcfd per day. More than 50 wells have been drilled since late 1999 with another two dozen wells identified to drill so far, some being development wells, and some wildcat. There were six wells newly completed and online as of October.
The portfolio is ideally suited for a company seeking new exploration and development opportunities while enjoying strong cash flows being generated from executed projects to date. Such a company will appreciate the strategic ownership of critical pipeline infrastructure, proprietary seismic data and participation in key wells and leases.
Forward--looking statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in the release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, enter into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.
Source: Business Wire
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