Press Release: Encore Energy Plans to Drill 20 Wells in Western Kentucky
LIGHTNING RELEASES: Bowling Green, KY (June 5, 2014) – Encore Energy announced today that the Company now has plans to drill and develop a second 10-well program for a total of 20 wells in Western Kentucky.
“We are finalizing the lease rights to approximately 2,000 acres in Kentucky and are evaluating an additional 4,000 – 5,000 or more lease acres as potential acquisition(s) in the future”, said Joe Turner, Encore’s Executive Vice President of Operations.
“The relatively low cost of drilling in this area combined with the price outlook for crude oil, makes this project even more attractive for Encore”, said Steve Stengell, Encore’s President and CEO.
Today’s oil price approximates $102 while the Oil-Price.Net one-year forecast is $118 per barrel.
Qualified US investors are permitted to deduct 100% of the IDC intangible drilling cost in year one against all forms of income. This first-year deduction typically represents 90% of their total investment with the remaining tangible equipment deduction amortized over subsequent years.
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 geological success, production estimates, reserves, profitability, 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 shall be made only to Accredited investors (as defined by the SEC) through a private placement offering memorandum, and this is not a private placement offering memorandum. The Company does not provide tax advice. The tax example herein includes estimates and is to be used for illustration purposes only.