Press Release: Encore Energy Provides Operations Update for its Kentucky Drilling Program
LIGHTNING RELEASES 04/03/14 –The Company plans to close its 10-well program and begin field operations in Western Kentucky as early as the 2nd quarter 2014.
Qualified investors can deduct 100% of the IDC intangible drilling costs against all forms of income in the first year for domestic drilling projects.
The average well in this area produces oil for 18 – 30 years, and the current market price for crude oil approximates $100 per barrel. Although Encore’s project(s) boast what the Company believes to be very conservative production estimates, there are wells in this area that have reported initial production rates of 20, 30, 50 and 100 BO per day.
“Encore has more than 20 potential drill-site locations to select from for our 10-well program. The objective is to mitigate risk through diversification – a multiple-well program targeting multiple oil formations”, said Steve Stengell, Encore’s President CEO. “We are also considering deeper and/or horizontal oil and gas projects for the future”, added Stengell.
For more information, please contact Joseph Hooper at (270) 842-1242, ext. 224, or Bill Moore at ext. 230.
Cautionary Statement: The information herein includes forward-looking statements and actual results may vary. No assurances can be made as it pertains to production, reserves, timelines or that the Company will achieve the necessary funding to make project(s) profitable. Oil and gas involves a high degree of risk and uncertainty. This is not an offer to sell a security, and offers will be made only to Accredited investors by an offering memorandum. The Company does not provide tax advice.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with Analyst Ratings Network's FREE daily email newsletter.