US Energy Holdings, Inc. Letter of Intent to Acquire 200 Natural Gas Well Sites in Ozona, Texas Should Be Completed By March 31st, 2006
US Energy Holdings, Inc. (OTC BB: USEH) is pleased to announce the completion of its Letter of Intent with Adams Ranch to acquire 200 natural gas well sites in Ozona, Texas. All documents should be completed by March 31st, 2006.
Company “CEO” Claude E, Eldridge stated, “As of March 23rd, the price of natural gas rose another 22.2 cents per 1,000 cubic feet bringing the price to $7.09 USD per 1,000 cubic feet.”
Due to the fires in North Texas, the South Texas natural gas wells should see a significant increase in supply and demand. As published by KansasCity.com (The Kansas City Star) in the midday report of March 28th, the price has risen another three cents per 1,000 cubic feet bringing today’s price to $7.12 USD. The International Council for Capital Formation in the United Kingdom also stated “…there will be an average increase of 41% of natural gas prices by 2010…” Due to this demand, US Energy Holdings, Inc. will launch a full aggressive drilling program.
Our first wells will be drilled in a high proven reserve area to bring in the fastest revenue for this new growing company. The wells in this area should be great producers because of the track record of producing wells.
Well number 18 was drilled in May of 1982 and came in at 350,400 cubic feet per day. At today’s prices this would figure out to $2,494.85 per day, $74,845.44 per month, and $898,145.28 per year. This well, as of January 2006, just shy of 24 years, is still producing over 20,000 cubic feet per day.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as it or its management “believes,”"expects,”"anticipates,”"foresees,”"forecasts,”"estimates” or other words or phrases of similar import. Similarly, statements in this release that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Claude Eldridge CEO 1-281-383-9825 http://www.usenergyholdings.com
SOURCE: US Energy Holdings Inc.