Deep Rock Oil & Gas, Inc. Starts Second Well in Four Well Project
Posted on: Wednesday, 18 January 2006, 15:00 CST
Deep Rock Oil & Gas, Inc. Starts Second Well in Four Well Project
TULSA, Okla., Jan. 18, 2006 (PRIMEZONE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that it has begun drilling the second of a four well project in Northern Oklahoma. Preliminary tests of the first well showed initial gas flow rates in excess of 1,000,000 cubic feet per day.
As part of a previously announced agreement, Deep Rock will initially develop gas production within a 5 mile radius of the Washington Gathering System located near Bartlesville, OK. A joint-venture with Apollo Resources International, Inc. (OTCBB:AOOR) gives Deep Rock a 49.5% revenue interest in all fees for production that flows through the pipeline owned by the joint venture. The pipeline is located in a large, undeveloped area prone to shallow gas reserves and relatively inexpensive exploration and production costs.
Robert Garner, CEO of Deep Rock stated, "We are encouraged by the results of our first well and expect that continued drilling in this joint venture area will significantly increase Deep Rock's cash flow and reserve base."
About Deep Rock Oil & Gas, Inc.
Deep Rock Oil & Gas, Inc. ("Deep Rock or the Company"), is an oil and gas exploration and production company and currently has working interests in 33 wells, ten of which are operated by the Company. By utilizing advanced recovery technologies, sound engineering and experienced committed management, Deep Rock has developed a proven corporate growth strategy of identification, acquisition and development of domestic oil and gas reserves thereby reducing U.S. dependence on foreign oil.
Safe Harbor Statement
Certain statement included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan,""expect,""believe," and similar expressions are generally considered forward-looking statements. These statements reflect our current expectations.
CONTACT: The Argent Group, LLC Investor Relations (918) 459-9689
Copyright © 2006 PrimeZone Media Network, Inc.
Source: PrimeZone Media Network
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