Creston Resources Ltd. Announces the Third Straight Quarter of Increased Average Daily Crude Oil Production
The President of Creston, Mr. Brian R. Jones is pleased to report, “At the end of 2nd quarter 2008, average daily field crude oil production was up from the 1st quarter average daily field crude oil production. This five percent increase in production along with the higher international crude oil price gave Creston Resources Ltd. an increase in production revenues. That revenue allowed management to add some much needed resources to the Roosevelt, Utah field operations office. These additional resources included personnel, office and shop space that will progress field operations to suitably produce, improve and supervise production functions.”
The President of Creston, Mr. Brian R. Jones is also quoted as saying, “Creston was recently requested to participate with some of the larger acreage holders and producers in the Uintah Basin in petitioning the State of Utah Division of Oil, Gas, and Mining (DOGM) to increase the density of allowable drilling locations and producing wells from 2 per section to 4 per section. A petition has been prepared by a law firm out of Salt Lake City, and the hearing is scheduled for Thursday, November 13th in Salt Lake City, Utah. The petition participants include many of the largest producers in the area” Mr. Brian R. Jones explained, “The main reason for the density change request is that the limit of two wells per section is believed insufficient to drain & produce the 4 million barrels of oil per section that exists in the Uintah Basin as estimated by the Utah Geological Survey and the Department of Energy. If accepted by the state of Utah, this density change will amplify the company’s proven undeveloped reserves (PUD) which heighten the total company asset value as stated in the April 2006 Ryder Scott Company Reserve Report.”
“Safe Harbor Statement” Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company’s expectations with regard to the future impact on the Company’s value and/or production are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectations.