IAS Communications, Inc. Completes the Agreement to Drill Up to 24 Gas Wells in Knox and Laurel Counties, Kentucky
Posted on: Monday, 15 May 2006, 09:02 CDT
IAS Communications, Inc. (OTCBB:IASCA) (www.iasenergy.com) is pleased to announce the successful completion of an agreement with Energy Source, Inc., a Kentucky corporation, to drill up to 24 gas wells (see news release dated April 18, 2006). The first well to be drilled will be the Ken Lee #1 well located in Knox County. The Ken Lee well is located on one of the leases in the heart of approximately 5,000 acres under lease by Energy Source, Inc.
IAS will earn a 100% interest in each well drilled and financed by IAS, subject to a 12 1/2 percent revenue interest to the landowner and 27 1/2 percent to Energy Source, Inc., the lessee and operator of the wells.
Production History
Knox County wells historically have been producing natural gas since the 1920s with wells experiencing up to 30 MMCF GPD in daily production. There are five potential pay zones that have produced successful natural gas production. Data from the University of Kentucky, reviewed for the year 2000, shows approximately 481 wells in east Kentucky, with 421 of those wells completed as commenced producers for a 97.9% success ratio.
About IAS Communications, Inc.
IAS Communications, Inc. has an interest in two producing oil and gas wells in Texas. The wells are operated by Anadarko Petroleum Corporation, which is one of the largest independent oil and gas exploration and production companies in the world.
ON BEHALF OF THE BOARD OF DIRECTORS
"John Robertson"
John Robertson
President
Statements in this press release regarding IAS Communications, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including the impact of competitive products and pricing, the need to raise additional capital, uncertain markets for the Company's products and services, the Company's dependence on third parties and licensing/service supply agreements, and the ability of competitors to license the same technologies as the Company or develop or license other functionally equivalent technologies.
Source: Business Wire
Related Articles
- Kentucky USA Energy, Inc. Announces Test Results on 3 Wells
- Kentucky USA Energy, Inc. Commences Drilling Two Additional Wells
- Kentucky USA Energy, Inc. Announces Reaching Total Depth on Two Wells
- Kentucky USA Energy, Inc. Announces Commitment From Two Drilling Companies
- New Natural Gas Production Begins at Royale Energy's Gobel Well
- Fidelis Energy's North Franklin Gas Production in May Totals 110.57 MMCF
- Silver Star Energy's North Franklin Gas Production in May Totals 110.57 MMCF
- Fidelis Energy's "F-1" Well Begins Commercial Production at North Franklin
- North Franklin January Gas Production Totals 94.94 Mmcf - Deep Forbes "F-1" Well Drilling Set for February 18
 |
 |
User Comments (0)
RSS Feeds