ST. PETERSBURG, Fla. September 24, 2013 - US Natural Gas Corp (OTC Pink:UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to inform shareholders that the Company will aggressively add previously producing crude wells to its portfolio of producing properties in multiple counties in Kentucky.
Through a relationship with the Kentucky Division of Oil and Gas, E 3 Petroleum Corp, a wholly owned subsidiary of the Company, will have access to acquire leases and previously producing natural gas and crude wells throughout the state of Kentucky. Currently, there are over 13,000 leases and wells on the list for select Operators to acquire throughout the state with over 4,000 in and around the Company's main geographic area of operation.
In Phase I, the Company intends to begin adding wells in the counties of Allen, Adair, Russell, Hart and Monroe. The Company projects that it can build its portfolio of producing wells to over 200 wells throughout these 5 counties producing on average 1-1.5 BOD ("Barrels of Oil Per Day") per well. Estimated annual production from Phase I is 73,000-109,500 barrels. At an average net price of $80.00/barrel, the Company's annual revenue from Phase I is projected to be between $5,840,000-$8,760,000. The Company anticipates the time from initiation to completion for Phase I to be approximately 12-15 months.
"We are very pleased to be participating with the State of Kentucky in placing these older wells back into production," said Wayne Anderson, President of US Natural Gas Corp. "The addition of these wells will significantly increase the Company's revenue and allow us to branch out to surrounding counties to take further opportunity of the leases and wells available to us."
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 http://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, http://www.otcmarkets.com/.
US Natural Gas Corp
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