$UNGS news US Natural Gas Corp Places First Newly Acquired Well Into Production
http://www.accesswire.com/404612/US-Natural-G...Production
05/31/2013 [ACCESSWIRE]
Initial Production Above Projections
ST. PETERSBURG, Fla. - US Natural Gas Corp (OTC Pink:UNGS), an energy exploration company with operations in the Appalachian Basin is [b]pleased to inform shareholders that the Company has placed the first of five wells into production on the newly acquired Allen County, Kentucky oil lease[/b].
The No. 1A well was placed into production after 432' of 2 7/8" tubing, 5/8" rods and a cup pump were run down-hole. New flow line and a 100 barrel poly tank were set on the lease for collection of oil. [b]Initial production rates[/b] for the No. 1A are 5 BOD (barrels of oil per day) [b]ahead of the projected[/b] 2.5 BOD. This well has produced without any pumping issues. The Company will perform an acid stimulation treatment in the future when the current production rate tapers to the initial projections.
Through its wholly owned subsidiary, US Natural Gas Corp KY ("KY"), US Natural Gas Corp owns a 100% working interest and 87.5% net revenue interest in the No. 1A well. [b]"We are very pleased at the initial production results for the No. 1A well," said Wayne Anderson, President of US Natural Gas Corp. "We anticipate wells two through five will be in production prior to quarter end. As this field has now shown the proven production we anticipated, we will aggressively expand our leasehold base in a similar manner."[/b]
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. More information on US Natural Gas Corp can be found on the Company’s website at www.usnatgascorp.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2012, which can be found on the OTC Markets website, www.otcmarkets.com.
Contact:
US Natural Gas Corp
(727) 482-1505
info@usnatgascorp.com
