Lux Energy Corporation Acquires Producing Wells in Alberta, Canada
11 7월 2009 - 5:01AM
PR Newswire (US)
LUXE: OTC-BB CALGARY, July 10 /PRNewswire-FirstCall/ -- Lux Energy
Corp (the "Company") is pleased to announce that it has negotiated
to acquire its first working interest in Alberta. The project is a
2 well program in Barrhead West Central, Alberta, near Edmonton.
The Barrhead C & D wells project includes two wells, one is a
capped re-completion well in an area with proven production records
and the other is a new drill target in a proven development field.
The new drill target was successfully drilled and encountered 3 gas
zones and 1 potential oil zone in the Baniff formation. Well D is
scheduled to be uncapped and tied into the pipeline around the end
of July. The first well has been drilled to a depth of 1220 meters
or approximately 4000 feet. This well was drilled this spring and
has encountered 4 gas zones. The well encountered two pay zones in
the Belly River structure: the Viking and Banff zone. The Operator
perforated the Banff zone and the well free flowed at 680,000 cubic
feet with an additional 1 BBL of liquids per hour. The well was
flowed for 24 hours and settled in at 400 psi. The well was shut in
and it pressured to 1000 psi in less than 1 hour. Indications are
that this should be a prolific flowing zone with excellent reserve
potential given how quickly the well pressured up. The Operator has
installed meters in the hole which will remain for 1 week to access
more precise information on the reserve potential. "The Barrhead C
& D wells have been projected to produce approximately 1850
mcf/day of Natural Gas and 60 bbl/day of Oil & Condensate. The
Company's working interest would be 4% and is estimated to provide
over $200,000 in annual income based on current spot prices. If oil
and gas prices rise the revenue from this interest would also rise.
Given current oil and gas prices we believe that this working
interest will not only provide Lux Energy with a solid revenue
stream going forward but it will likely increase. Lux Energy has a
number of other producing acquisition targets and is currently in
negotiations." A copy of the filed information can be found for
viewing by electronic means by viewing the Company's filings on
http://www.edgar.com/. Lux Energy Corporation Lux Energy is an oil
and gas acquisition and production company focusing on developing
oil resources in North America. Safe Harbor Statements Except for
the statements of historical fact contained herein, the information
presented in this news release constitutes "forward-looking
statements" as such term is used in applicable United States and
Canadian laws. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans, "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and should be viewed as "forward-looking statements". Such forward
looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the actual results of exploration
activities, variations in the underlying assumptions associated
with the estimation or realization of oil or gas resources, the
availability of capital to fund programs and the resulting dilution
caused by the raising of capital through the sale of shares,
accidents, labour disputes and other risks of the oil and gas
industry including, without limitation, those associated with the
environment, delays in obtaining governmental approvals, permits or
financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements contained in
this news release and in any document referred to in this news
release. Forward looking statements are made based on management's
beliefs, estimates and opinions on the date the statements are made
and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law.
Such forward-looking statements reflect our current views with
respect to future events and are subject to certain risks,
uncertainties and assumptions, including, the risks and
uncertainties outlined in our most recent financial statements and
reports and registration statement filed with the United States
Securities and Exchange Commission (the "SEC") (available at
http://www.sec.gov/). Such risks and uncertainties may include, but
are not limited to, the risks and uncertainties set forth in the
Company's filings with the SEC, such as the ability to obtain
additional financing, the effect of economic and business
conditions, the ability to attract and retain skilled personnel and
factors outside the control of the Company. These forward-looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements. Although
the Company believes that the beliefs, plans, expectations and
intentions contained in this news release are reasonable, there can
be no assurance those beliefs, plans, expectations or intentions
will prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company's periodic reports filed from
time-to-time with the SEC. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. DATASOURCE: LUX Energy Corporation CONTACT: please
visit http://www.luxenergycorp.com/ or contact Shane Broesky at:
Corporate Office, Suite 1950 - 777 8th Ave S.W., Calgary, Alberta,
T2P 3R5, Canada; Investor Relations, TF: (866) 777-4568, TF: (866)
581-3484,
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