ST. PETERSBURG, Fla., Jan. 18, 2012 /PRNewswire/ -- US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to announce that production at the Company's recently acquired Pine Grove oil field, located in Edmonson County, Kentucky, is being increased by multi-directional efforts.
Last week, the Company placed the Ward Watt No. 265 into production after replacing approximately 1300' of 2 3/8" tubing and rebuilding the down-hole pump. The Ward Watt No. 265 was drilled and completed in October 1993 to a total depth of 1290' with production occurring from the Devonian Clear Creek formation at 1220'-1246'. The well was originally treated with 2500 gallons of HCL with after treatment production results of 45 barrels of oil per day ("BOD"). Current initial results show production at a rate of 2 BOD. The Company may elect to treat the Dutch Creek formation from 1210'-1227' to increase production in the near future.
At year's end, the Company placed the Romie Constant No. 247 well into production after replacing the above ground completion components, electrical equipment and installation of a tank battery separator. The Romie Constant No. 247 was drilled and completed in October 1993 to a total depth of 1382' with production occurring from the Devonian Clear Creek formation. The well was originally treated with 2500 gallons of HCL with after treatment production results of 35 barrels of oil per day ("BOD"). Current initial results show production at a rate of 1.5 BOD.
In addition, the Company is in the process of laying a new flowline to the Guy Wilson No. 293 injection well to help better manage water production. The new line will be laid from the Elizabeth Graham tank battery and will tie in on the Wilson lease. The Company anticipates this project to be completed by week's end. Upon completion, the Company will then be able to place 7 of the 10 Graham wells into production bringing the total number of producing wells to 18.
"We are excited to begin the flow of water to the Guy Wilson injection well," stated Wayne Anderson, President of US Natural Gas Corp. "Not only will this allow us to control the amount of water we are required to dispose of during fluid recovery, it will also afford us the opportunity to place the Graham wells into production. The Graham lease was our primary reason for the Pine Grove acquisition, as many of these wells showed initial production results of 30-50 barrels of oil per day."
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. 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 Annual Report on Form 10-K for the year ended December 31, 2010.
US Natural Gas Corp
Shannon Bell, Executive Assistant
SOURCE US Natural Gas Corp