HONEOYE FALLS, NY -- 04/28/08 --
Domestic Energy Corp. (PINKSHEETS: DMEC),
an independent oil and gas exploration and development firm, announced here
today it plans to become one of the early participants in the new
Chattanooga Shale natural gas development in Tennessee.
"Domestic Energy has people in the gas fields of Tennessee today, launching
its bid to become one of the large independents operating in the state,"
said Larry Hillabrandt, President, Domestic Energy Corp.
"We will initially focus on acquiring existing wells and shale leases, then
begin the construction of a gas gathering system and finally putting the
newly acquired and drilled wells into production for oil and gas," he
added.
"We believe that the Chattanooga Shale on the Cumberland Plateau in
Tennessee will prove to be as economically productive as the Barnett Shale
in Texas and the Marcellus Shale, that stretches from New York through West
Virginia," he added.
"Last year, Consol Energy, Inc. drilled the first horizontal well in the
region that had initial production of 3.9 MMCF of gas per day. That put the
energy industry on notice that the Chattanooga shale is, in fact, an
economically viable source of natural gas.
"There are several advantages to producing the Chattanooga Shale," Larry
Hillabrandt noted. "The Chattanooga Shale is substantially shallower than
the Marcellus, and Barnett shale with the Chattanooga shale being only
about 1,500 to 2,000 feet deep. "In addition we feel the greatest advantage
for us is that there are more than 1,000 abandoned and shut in gas wells in
Tennessee that can be recompleted in the shale. We expect to acquire
several hundred of these wells at a cost of well below what it would cost
to drill new wells. This will be a substantial savings, and give us a
competitive advantage we need," he added.
Industry sources believe the Tennessee Chattanooga shale gas play could
eventually encompass 6,000 square miles and contain 5 trillion cubic feet
of recoverable natural gas.
This Press Release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934. A statement identified by the words "expects,"
"projects," "plans," "feels," "anticipates" and certain of the other
foregoing statements may be deemed "forward-looking statements." Although
Domestic Energy Corp. believes that the expectations reflected in such
forward-looking statements are reasonable, these statements involve risks
and uncertainties that may cause actual future activities and results to be
materially different from those suggested or described in this press
release. These include risks inherent in the drilling of oil and natural
gas wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures, environmental
hazards, and other operating and production risks inherent in oil and
natural gas drilling and production activities, which may temporarily or
permanently reduce production or cause initial production or test results
to not be indicative of future well performance or delay the timing of
sales or completion of drilling operations; risks with respect to oil and
natural gas prices, a material decline in which could cause the Company to
delay or suspend planned drilling operations or reduce production levels;
and risks relating to the availability of capital to fund drilling
operations that can be adversely affected by adverse drilling results,
production declines and declines in oil and gas prices and other risk
factors.
For additional information:
DomesticEnergyCorp.com
Larry Hillabrandt
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