Gulf Onshore, Inc. Mid-Month Oil Production Increased
Posted on: Tuesday, 19 August 2008, 09:01 CDT
Gulf Onshore, Inc. (OTCBB: GFON) announces mid-month oil production figures.
As of August 17, 2008, Gulf Onshore has 627 BO gauged and in the Company's tank batteries for pick-up from its leases in Throckmorton Co. and Shackelford Co., Texas; an additional 168 BO has already been sold in August 2008. Revenues from August 2008 oil sales will be booked in mid-month September 2008, upon receipt from our oil purchaser.
August 2008 mid-month production compares favorably to July 2008 cumulative production of 913 BO.
Two existing wells were re-worked and two non-productive wells put back into production in the first half of August 2008, under the Company's Re-Work/Development Program. In addition, we are awaiting Texas Railroad Commission approval of our applications for two additional water injection/disposal wells, which will allow production increases going forward.
About Gulf Onshore, Inc.
Gulf Onshore, Inc. is an oil and gas company with a focus on oil and gas prospects and properties which require further development. Gulf is careful to develop a thorough drilling plan using advanced technologies in both mapping and the use of 3D seismic reports and information. Gulf trades under the ticker symbol GFON.OB on the OTCBB.
This Press Release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects,""intends,""projects,""plans," or similar phrases may be deemed "forward-looking statements." Although Gulf Onshore, Inc. believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
Contact: Michele Sheriff Gulf Onshore, Inc. 972.788.4500
SOURCE: Gulf Onshore, Inc.
Source: MARKET WIRE
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