December 12, 2006
Preliminary Drill Results on MT19-1 in Elk County, Kansas
Georgia Exploration Inc. (OTCBB: GXPL) is pleased to announce that Wharton Resources Corp. has been notified by the operator of the preliminary test results of the MT19-1 gas well drilled in Elk County, Kansas. The MT19-1 is drilled to 2,035' and completed in the Mississippi Limestone formation from 1932'-1938'. The shut in pressure was 650 lbs. The initial flow rate was 1,400 mcfd. The casing pressure was 430 lbs. The tubing pressure was 190 lbs. The MT19-1 stabilized at a rate of 840 mcfd with 25" of differential pressure and 500 lbs casing pressure. Further testing will determine the rate at which the well will be produced.
The MT19-1 is one of six Mississippi Limestone wells along with two Mulky and Summit coal bed methane wells that are drilled and completed and awaiting testing in the "Mound Branch Development Project" in Elk County, Kansas. Testing of these eight wells will continue through the end of the year. The Mound Branch Project consists of approximately 15,000 acres in Elk County, Kansas.ABOUT WHARTON RESOURCES CORP.
Wharton Resources Corp., a Delaware corporation formed in January 2005, holds oil and gas lease acreage in Texas and Kentucky, an agreement to acquire oil and gas interests in properties in Louisiana, and an option to acquire lease acreage and behind the pipe shut in production that is currently undergoing flow tests in Kansas.
ABOUT GEORGIA EXPLORATION INC.
The Company is a junior resource exploration company that holds an interest in 14 mineral claims in British Columbia, known as the Chub Claims. Georgia has completed an initial exploration program on its claims and is evaluating a further work program. The Company is seeking to complete the acquisition of oil & gas interests, and may also look for additional resource opportunities.
This press release may include forward-looking statements. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. For example, the completion of the proposed transaction between Georgia and Wharton is subject to a number of conditions that must be met or waived, and accordingly there can be no guarantee that the transaction will successfully complete. In general, the business of Wharton is subject to a number of risks typical of oil and gas exploration and development companies. In addition, estimating reserves involves inherent engineering uncertainties as well as inherent uncertainties about the future fluctuations in the price of oil and gas, which can cause estimates of reserves to be revised upwards or downwards. Other factors affecting forward-looking statements include, among others, the inherent uncertainties associated with oil and gas exploration; the uncertainty respecting Wharton's ability to complete the acquisitions of lease interests, including its acquisition of the St. Martinville Field property; title issue, laws, environmental, judicial, regulatory, political and competitive developments in areas in which Georgia Exploration operates; and technological, mechanical and operational difficulties encountered in connection with Georgia Exploration's activities.
The securities referred to in this press release have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Securities Act or unless an exemption from registration is available.
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For more information, contact: Georgia Exploration Inc. C/o Mr. Sokhie Puar President Tel. (604) 684-3783 Wharton Resources Corp. C/o Sam Nastat President & Director Tel. (713) 355-7001
SOURCE: Georgia Exploration Inc.