Beacon Redevelopment Industrial Corporation Reviews Initial Consultation Regarding its Natural Gas Rights and Reserves
25 11월 2008 - 3:06PM
PR Newswire (US)
NORTH HUNTINGDON, Pa., Nov. 25 /PRNewswire-FirstCall/ -- Beacon
Redevelopment Industrial Corporation (Pink Sheets: BCND) today has
reviewed a summary of its initial consultation regarding its
natural gas rights of its Westmoreland property. Beacon, along with
its geological consultants, are continuing the evaluation of the
company's resources at that location. The initial review revealed
that it appears there may be a more feasible way to install modern
gas well operations on the Westmoreland Glass Factory site in
Grapeville, Pennsylvania, using the newer horizontal drilling and
withdrawal technique method to access the Marcellus Shale
formation. Per the company and its consultants, it appears that
Beacon is in a position to extract between 1.5 and 4 MMcf.
(1500-4000 Mcf.) per day. The company's immediate response is to
determine the extent that Dominion Resources, Inc., will continue
to use Beacon's property as a gas storage facility. The company
will decide, after further review by its consultants, whether to
allow Dominion Resources to use its natural gas well and/or storage
facility, or if Beacon's own energy extraction projects would be
impeded in a sharing arrangement. Once this issue is reviewed, the
company can and will immediately begin moving forward with its
operational process either with Dominion or on its own, by applying
for the necessary drilling permits. "Beacon's consultants believe
that the company can either accommodate Dominion Resources' needs
or maintain and operate our own gas wells/storage facilities on the
property. We do not plan to allow Dominion to continue future
extractions of natural gas resources from our property, however we
are willing to continue negotiations to allow their continued
operations if lucrative to the company and providing it will not
interfere with our plans to access the natural gas reserves in the
Marcellus Shale," said Adam Marek, President of Beacon Energy
Corporation. DATASOURCE: Beacon Redevelopment Industrial
Corporation CONTACT: Adam Marek for Beacon Redevelopment Industrial
Corporation, +1-724-871-7458, Web Site:
http://www.beaconredevelopment.com/
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