Armada Oil Announces Bear Creek #1 Drilling Update
August 22 2014 - 5:08PM
Business Wire
Armada Oil, Inc. (the “Company”) (OTCBB:AOIL), an oil and
gas exploration and production company, today provided an update on
the drilling the Bear Creek # 1 well in Carbon County, Wyoming.
The drilling of the Bear Creek #1 is ongoing. The depth required
to comply with the provisions of the Anadarko Farmout agreement has
turned out to be deeper than the pre-drilling geo-prognosis
suggested and drilling of the deeper part of the well has been
challenging. In addition, the drilling schedule was delayed a few
days due to a coring tool being stuck in the hole, As a result, the
schedule for completion of the drilling phase has slipped and will
likely take another week to ten days. We will provide a
comprehensive update when we are finished drilling and have the
appropriate data.
“There are a lot of variables involved in drilling any well,
especially a test well in a new area. Many of the pre-drilling
assumptions have to be adjusted along the way. Information
collected from drilling samples in the Niobrara and a couple of the
conventional zones is very promising. We look forward to the
completion of drilling so that we can assemble the analysis from
the various disciplines and provide a comprehensive report to our
shareholders.” said Randy M. Griffin, CEO of Armada Oil, Inc.
About Armada Oil, Inc.
Armada Oil, Inc. (OTCBB:AOIL), headquartered in Dallas, Texas,
is a growth-oriented oil and gas Exploration and Production
(E&P) company with a focus on growing reserves and net asset
value per share, primarily through the acquisition, development and
enhancement of multiple onshore oil and natural gas producing
properties as well as the development of highly diversified
developmental drilling opportunities, both conventional and
unconventional. The Company currently has producing oil properties
in Plaquemines and Lafourche Parishes in Louisiana and in Woodson
County, Kansas. In addition, the Company has developmental
properties in Wyoming County, NY and controls a strategic acreage
position in southern Wyoming in the liquids-rich Niobrara Play.
More information about Armada Oil may be found at
http://www.armadaoil.us.
Forward-Looking Statements
Certain statements in this news release, which are not
historical facts, are forward-looking statements. These statements
are subject to risks and uncertainties. Words such as "expects",
"intends", "plans", "may", "could", "should", "anticipates",
"likely", "believes" and words of similar import also identify
forward-looking statements. Forward-looking statements are based on
current facts and analyses and other information that are based on
forecasts of future results, estimates of amounts not yet
determined and assumptions of management. Actual results may differ
materially from those currently anticipated due to a number of
factors which may be beyond the reasonable control of the Company,
including, but not limited to, the Company’s ability to locate and
acquire suitable interests in oil and gas properties on terms
acceptable to the Company, the availability and pricing of
additional capital to finance operations and leasehold
acquisitions, the ability of the Company to build and maintain a
successful operations infrastructure, the Company’s ability to
integrate acquired assets, the intensity of competition and changes
and volatility in energy prices. Readers are urged not to place
undue reliance on the forward-looking statements, which speak only
as of the date of this release. We assume no obligation to update
any forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this release.
Additional information on risks and other factors that may affect
the business and financial results of the Company can be found in
the filings of the Company with the U.S. Securities and Exchange
Commission at www.sec.gov.
Armada Oil, Inc.972-490-9595investorrelations@armadaoil.us