Fidelis Reports October Gas Production From North Franklin Totaling 87.87 Mmcf
Posted on: Thursday, 3 November 2005, 09:00 CST
Fidelis Energy Inc. (OTCBB: FDEI) today is pleased to announce the October gas production at the company's North Franklin Project, Sacramento, Calif. Production from the two gas wells, the "Archer-Whitney #1" and "Archer-Wildlands #1," totaled 87.87 Mmcf.
This represents an 11% increase in production over last month. Based on the set gas price the project received for the month of October, the 100% net revenue interest revenue for the month has been calculated at approximately $900,000. Fidelis' portion (28% NRI) for October's net revenue to the company after field operations costs has been estimated to be more than $245,000.
The average daily production rate for the month of October totaled 2.83 Mmcf per day, up from 2.56 Mmcf in September. The "Archer-Whitney #1 well" produced a total of 49.027 Mmcf and the "Archer-Wildlands #1 well" produced 38.846 Mmcf.
About Fidelis Energy Inc.
Based in Tucson, Ariz., Fidelis Energy is an oil and gas company dedicated to solving North America's complex energy problems. Fidelis Energy identifies, acquires and develops working interest percentages in smaller, underdeveloped oil and gas projects in California, Canada, and other promising locales that do not meet the requirements of larger producers and developers. Through the use of modern development techniques such as horizontal drilling and 3-D seismic, the company enhances production from underdeveloped and underutilized projects, as it pursues oil and gas production throughout North America.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the 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. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Fidelis Energy Inc. has little or no control.
For more information, please visit our Web site at www.FidelisEnergy.com, or contact:
Investor Relations, 888-894-3334 (Contact: William Marshall)
Source: Business Wire
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