OKLAHOMA CITY - (Business Wire) Energas Resources, Inc. (OTCBB: EGSR) announced today that the engineer has reported that the workover rig plans to move onto the Finley #5 well location in Wyoming on August 25, 2008 to begin the completion phase of the well.
Review of the Finley #5 mud and electric logs indicate the potential for commercial oil production from zones in the Leo formation at approximately 6,000 ft. Energas will own a 51% working interest (.408 net revenue interest) in this well and owns a 44% working interest in this property, named the Rusty Creek Prospect, which covers approximately 1,760 acres. Further announcements will be forthcoming.
Safe Harbor Statement
When used in this press release, the words “intends,” “believes,” “anticipates” and “expects” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well.
Energas Resources, Inc.
Scott Shaw, 405-879-1752
