WGI Holdings, Inc. Announces Participation in Sooner Trend Oklahoma Well
12 Décembre 2007 - 2:30PM
Marketwired
HOUSTON, TX , a U.S.-based independent oil and gas company, is
pleased to announce it has negotiated with Monarch Resources to
participate in the Goffman #1 Well in Garfield County,
Oklahoma.
WGI Holdings, Inc. has agreed to participate in the recompletion
of the Goffman #1 well and a 640 acre lease in Garfield County,
Oklahoma. The Goffman #1 well was originally drilled in 1997 to a
depth of 7436' and has produced from the Oswego Lime and
Mississippi Lime formations. The Goffman #1 is located in the
highly prolific Sooner Trend in central Oklahoma. WGI Holdings has
established the workover procedure and will hire contract operator
Proex Energy Management to perform the recompletion procedures.
Work is scheduled to begin January 2008.
Potential production of both gas and oil at today's energy
prices makes this opportunity a perfect fit for WGI Holdings'
strategy of building a low risk portfolio of oil and gas assets one
well at a time, creating cash flow for the company while mitigating
risk through recompleting wells in well established production
areas that have extensive infrastructure of gas sales lines to get
product to market immediately.
WGI Holdings, Inc. (PINKSHEETS: WGIH) is a publicly traded,
independent oil and gas company headquartered in Houston, Texas --
the Oil & Gas Capital of the World. The company is now under
new management and is focused on maximizing shareholder value by
executing on the following strategy: Building a diversified
portfolio of significant oil and gas assets in Texas, Oklahoma,
Kansas & Louisiana, through a proven selection process which
must meet the high standards of our management team. Management has
been successful in identifying underperforming oil and gas
properties, evaluating their potential and implementing a strategy
which will significantly increase the assets' value. Our approach
has been carefully crafted to mitigate risk while enhancing asset
valule and subsequently shareholder returns. WGI Holdings, Inc.
financial structure allows it to minimize the high overhead of
traditional E&P companies.
This Press Release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934. A statement identified
by the words "expects," "projects," "plans," "feels," "anticipates"
and certain of the other foregoing statements may be deemed
"forward-looking statements." Although WGI Holdings believes that
the expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this press release.
These include risks inherent in the drilling of oil and natural gas
wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures,
environmental hazards, and other operating and production risks
inherent in oil and natural gas drilling and production activities,
which may temporarily or permanently reduce production or cause
initial production or test results to not be indicative of future
well performance or delay the timing of sales or completion of
drilling operations; risks with respect to oil and natural gas
prices, a material decline in which could cause the Company to
delay or suspend planned drilling operations or reduce production
levels; and risks relating to the availability of capital to fund
drilling operations that can be adversely affected by adverse
drilling results, production declines and declines in oil and gas
prices and other risk factors.
Contact: WGI Holdings, Inc. Houston, Texas Greg Shindler Ph.
713.213.9444 Email Contact
WGI (CE) (USOTC:WGIH)
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