Blaze Energy, Corp. (BLZE) Announces CEO’s Letter to Shareholders
Blaze Energy Corporation (PINKSHEETS: BLZE) released a letter from its Chairman and CEO today. The letter is attached below in its entirety.
We are proud of the progress Blaze Energy has shown thus far in 2008. The company has surpassed expectations and made significant progress toward the strategy put forth for this year. As I write you today, we have already exceeded the goal of participating in over 100 wells in the Fayetteville Shale project for calendar 2008. The current number is 110 and growing everyday. Of the 110 wells we are presently participating in, over 40 of the wells are connected to the pipeline and selling gas. Moreover, we are receiving revenue from these wells on a monthly basis, and the company’s revenues are growing.
As we gain momentum and continue to exceed our previous goal, we now stand in a position to be involved in more wells and have thus raised our projection to 150 wells by the end of 2008. Out of these 150 wells it is estimated that over 70 will be producing by the end of the year. We expect wells in the field will have a production life of 20-30 years. The company expects to be generating over $500,000 per month in revenue by the end of the year from this project. This assumes that the spot price of gas in December is equivalent to the current futures price for that month. The current futures price for December is $9.29.
We at Blaze Energy feel our strategy has proven to be a sound one. To further this success we have filled out our management team with experienced and driven members. Our team is eager to continue with these achievements and propel the momentum from such accomplishments well into the future.
Please expect to receive regular communications from us going forward as we plan to continue to update you on the execution of our strategy. As a shareholder, I especially want to thank you for both your support and interest in Blaze Energy.
Leon Blaser Chairman & CEO Blaze Energy Corporation
About Blaze Energy
Blaze Energy Corporation (PINKSHEETS: BLZE) is a natural gas exploration and production company. Blaze Energy Corporation is primarily engaged in the Fayetteville Shale gas project in Arkansas, through working interests it owns in drilling units located in Van Buren, Cleburne and Conway counties. Blaze Energy Corporation. is a majority-owned subsidiary of Environmental Energy Services, Inc. (PINKSHEETS: EESV). For more information please visit www.blazeenergy.net.
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to matters such as prospects, anticipated operating and financial performance. Actual prospects and performance may differ from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the company, including risks of production variances from expectations, market volatility, the level of capital expenditures required to fund ongoing drilling initiatives and the ability of the company to execute its business strategy. These and other risks are described in the company’s reports filed with the United States Securities and Exchange Commission. These forward-looking statements are made only as of the date of this communication and Blaze Energy, Corp. undertakes no obligation to update or revise these forward-looking statements.
Media Contact Ann Norman Norman Communications 1.917.546.9268 Email Contact
SOURCE: Blaze Energy