Also die Daten sind leider enttäuchend!! Momentan produziert man gute
800 MCF pro Tag.
Was zum Henker ist mit Martin 1H passiert?? da war mal von 3300 MCF die Rede!
Und jetzt produzieren die 425? Da krieg ich echt ein Hals...
Bei 800 MCF haben wir einen Umsatz von 2,3 Mio USD(8$GAS).
Von gewinnen brauchen wir erst gar nicht reden...
Lexington Resources Inc. Provides Operational Update
LAS VEGAS, Nov 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Lexington Resources, Inc. (OTC Bulletin Board: LXRS, Frankfurt, Berlin: LXR) (the "Company" or "Lexington") provides the following report regarding oil and gas operations.
Texas:
This year, the Company has drilled 4 horizontal Barnett Shale wells (Petta 1H, Oliver 1H,Martin 1H, Gilbert 1H) and participated in 1 non-operated interest (Paradise Park 1H). Operational updates for each of these wells is as follows.
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Paradise Park 1H Horizontal Barnett Shale Gas Well, Johnson County: Further to the pending completion of the Paradise Park 1H Horizontal Barnett Shale Gas well announced on September 28, 2006, the Company's well operated by Ray Richey Management Company, Inc., has reached completion in excess of 2,000 MCF/Day, and is currently producing 1,600 MCF/Day. Lexington owns a 10% working interest in this well. Oak Hills Drilling and Operating, LLC ("Oak Hills") was chosen as the drilling contractor for the Paradise Park 1H well.
Petta 1H Horizontal Barnett Shale Gas Well and Comanche County Lease Acreage: Under terms of the joint exploration agreement with Dylan Peyton, LLC ("Dylan"), the Company has a 45-50% net revenue interest in approximately 5,670 gross acres of near contiguous leases with Oak Hills established as designated operator for joint exploration development of the new acreage.
On October 5, 2006, the Company announced that Oak Hill had completed the drilling portion of the Petta 1H Barnett Shale well pursuant to contractual arrangements that are part of Company's joint exploration initiative announced earlier this year with Dylan Peyton, LLC The Petta 1H well will be analyzed with a view toward future possible completion once pipeline infrastructure in the area is further developed. An offsetting operator, who is also drilling in the vicinity of the Petta 1H, is working towards fracture of two of three of its Comanche County Barnett Shale horizontal wells it has under development as well as 8-10 miles of pipeline.
Martin 1H Horizontal Barnett Shale Well, Parker County: This well is producing 425 MCF/day awaiting compressor to aid production. Management anticipates that the flow rate will increase or stabilize after the installation of the equipment.
Gilbert 1H Horizontal Barnett Shale Well, Palo Pinto County: This well is shut in pending resolution of water infiltration and the set up of compressor equipment to aid gas flows into a small diameter higher pressure pipeline. A Marble Falls zone above the Barnett Shale target represents an alternative or commingled production opportunity.
Oliver 1H Well Horizontal Barnett Shale Well, Tarrant County: This well is shut in pending resolution of water infiltration.
Oklahoma:
The Company's Coal Bed Methane joint exploration partner, Dylan together with Avatar Energy, LLC, have been developing the Company's Coal Bed Methane ("CBM") targeted leases in the State of Oklahoma. Under the joint venture, the Company has contributed its current inventory of Arkoma Basin Oklahoma CBM leases to jointly develop gas-producing wells with Dylan on a 50/50 equal working interest basis. Avatar Energy, LLC is the operator for the project. This year, well developments to date include the Peyton 1-34 vertical Red Forks Sand well, 3 horizontal CBM wells (Nicole 2-23H, Dylan 1-24H, Grey 1- 22H), and 2 non operated interests (Gates 1-19, Gates 2-19). Updates to completions in process are as follows.
Grey 1-22H horizontal Coal Bed Methane gas well: The Grey 1-22H horizontal coal bed methane gas well was completed and frac'ed on the Company's H-9 Prospect. The well is producing approximately 100 MCF/Day. The well was drilled by the Company's Arkoma Basin exploration partner, Dylan. The Company and Dylan are partners in the well. The Grey 1-23H well represents the Company's and Dylan's first Company operated interests in exploration and development of the H-9 Prospect.
Dylan 1-24H horizontal Coal Bed Methane gas well: The Dylan 1-24H horizontal coal bed methane gas well was completed and frac'ed on the Company's South Lamar Prospect. The well is producing approximately 107 MCF/Day. The well was drilled by the Company's Arkoma Basin exploration partner, Dylan. All the wells are located on the Company's South Lamar leases and utilize area developed pipeline and compressor infrastructure. The Company and Dylan are 50% working interest partners in the development of South Lamar Prospect
Current Production:
Current production from all well interests owned by the Company as at October 30, 2006 is provided as follows. Current gross production at October 30, 2006 is approximately 838 MCF per day, up from approximately 390 MCF per day as averaged over the second quarter.
Well Well Type Gross MCF/D Net MCF/
Flow Day
30-Oct-06 30-Oct-06
Brumbaugh 1-10 Hartshorne Coal, Horizontal 296.00 44.17
Bryce 3-2 Hartshorne Coal, Horizontal 102.00 41.27
Caleigh 4-2 Hartshorne Coal, Horizontal 61.50 24.88
Kellster #1 Hartshorne Coal, Horizontal 156.00 63.12
Kyndall 2-2 Hartshorne Coal, Horizontal 62.00 25.09
Lex 1-34 Hartshorne Coal, Horizontal 55.00 18.94
Peyton 1-25 Red Forks Sand, Vertical1 80.00 70.11
Nicole 2-23H Hartshorne Coal, Horizontal 21.00 7.97
Dylan 1-24H Hartshorne Coal, Horizontal 107.00 38.75
Gates 1-19 Hartshorne Coal, Horizontal 675.00 30.30
Gates 2-19 Hartshorne Coal, Horizontal 870.00 39.06
Grey 1-22 Hartshorne Coal, Horizontal 100.00 32.11
POE Woodford, Vertical 113.00 23.13
Oliver 1H Barnett Shale, Horizontal - -
Martin Cantrell Barnett Shale, Horizontal 425.00 267.75
Gilbert 1 Barnett Shale, Horizontal - -
Paradise Park Barnett Shale, Horizontal 1,600.00 112.00
838.65
Drilling Company Update: Oak Hills Drilling and Operating, LLC
The Company's drilling and well service company, Oak Hills has drilled all of the Company's Barnett Shale wells this year. In addition, the Company has revenues stemming from third party drilling contracts, well services, and well administration. It had drilled three wells on third party contract for Majestic Consulting LC, Ray Richey, and Sundance Resources.
Cash Flow Update:
As a consequence, in part, of the Company's recent and various well results, the company continues to explore equity and debt alternatives as well as possible monetization of non-core assets in order to stabilize the Company's ongoing cash flow requirements.
About Lexington Resources, Inc.: Lexington Resources, Inc. is a junior integrated natural resource exploration company engaged in the acquisition and development of oil and natural gas properties in the United States. Its current operational focus is on gas development initiatives in the Arkoma Basin, Oklahoma and the Dallas Fort Worth Basin in Texas. For further information see: www.lexingtonresources.com
Contact North America: Investor Relations, Lexington Resources, Inc. Phone: Toll Free (888) 848-7377 or (702) 382-5139 Fax: (702) 385-1202 e-mail: info@lexingtonresources.com Contact Europe: International Market Trend AG Phone: 41 43 888 67 00 Fax: 41 43 888 67 09 SAFE HARBOR STATEMENT |
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