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Jul 08, 2008 -- Universal Energy Corp. (OTC BB: UVSE), announced today an update on drilling operations at its Lone Oak prospect in Galveston Bay, Texas. Installation of 7 5/8" intermediate casing is now complete to a total measured depth of 11,470 feet. Drilling will commence later in the week to the target measured depth of 12,615 feet. Billy Raley, Chief Executive Officer of Universal Energy Corp. stated, "During the drilling of the remaining 1,200 feet or so, we are targeting the same Vicksburg sandstone reserves responsible for producing 4 trillion cubic feet of gas and 4 billion barrels of oil in this area since 1900. Results from Lone Oak are not included in our current revenue guidance of $0.25 million to $0.3 million and $0.8 million to $0.9 million, for the second and third quarters of 2008, respectively." Raley concluded, "Positive results from Lone Oak will provide continued revenue growth for the fourth quarter 2008 and fiscal 2009."
Jul 08, 2008 -- NGAS Resources, Inc. (NASDAQ: NGAS | Quote | Chart | News | PowerRating) today provided an update on its horizontal drilling activity in its core Leatherwood field. The company has been actively drilling horizontal wells through the Devonian shale in its Leatherwood field since February 2008. The fourth and fifth wells have now been on line for over 30 days, with average production rates of 203 thousand cubic feet per day (Mcf/d) and 360 Mcf/d, respectively. The company retained working interests of 100 percent in the fourth well and 87.5 percent in the fifth well. The company's next three horizontal wells have been drilled to total vertical depth and are ready for the horizontal drilling rig to complete the drilling phase. The company retained a 50 percent working interest in these wells. Each well is expected to have a single lateral leg up to 3,500 feet through the lower Huron section of the Devonian shale. The ninth horizontal well in the project will be spudded later this week. William S. Daugherty, President and CEO of NGAS Resources, commented, "We are very pleased with the production results from our first five horizontal wells in Leatherwood. Based on the continued success of the program, we plan to drill at least 20 horizontal wells this year. Our growth strategy in our core area for 2008 will be focused on our horizontal drilling project in Leatherwood, as well as adding to our acreage position in key fields." Mr. Daugherty added, "Our horizontal drilling program has the potential to significantly increase production and reserves for the company over the long term, both from Leatherwood and our other core areas in the Appalachian Basin."
Jul 08, 2008 -- Victory Energy Corporation (OTC BB: VYEY | Quote | Chart | News | PowerRating) announced today it will move forward with horizontal drilling on its next gas well in Victory's Canyon Sandstone Gas play located in the Texas Permian Basin. The consultants Victory engaged to evaluate horizontal drilling in the Canyon Sandstone formation have made a strong recommendation to move ahead with this process. Horizontal drilling will increase the overall volume recovered and shorten the recovery time of the natural gas. Victory's drilling contractor will first drill vertically through the Canyon Sandstone formation. Logs will then be run across the formation to determine the ideal location to drill horizontally. It is anticipated each horizontal five hundred feet will require approximately four additional days of drilling. "The consultants are extremely positive regarding the impact horizontal drilling should have on the total volume of natural gas recovered from each well. Comparative information where horizontal drilling was utilized on similar gas formations is very encouraging," stated Jon Fullenkamp, President of Victory Energy Corporation.
July 08, 2008 -- Storm Cat Energy Corporation (AMEX: SCU | Quote | Chart | News | PowerRating) today provided an update of its operations in the Company's Arkansas Fayetteville Shale acreage. The first three of the Company's 2008 Fayetteville development program wells are now on production and tied into sales, two of which have undergone State of Arkansas Form 13 testing. Each well continues to produce significant volumes of fracturing fluid. Notwithstanding, the Owen 1-18H tested at a rate of 1,240 thousand cubic feet per day (Mcf/d) and the Ballard 1-18H tested at a rate of 1,341 Mcf/d. The Company is very encouraged by these test rates and anticipates that production from these wells will increase as cleanup progresses. The third well, the Roberts 1-13H, is tied into sales and is about to undergo a Form 13 rate test. The Company anticipates commencing hydraulic fracturing of the fourth horizontal well of the 2008 program, the Files 3-12H, this week. Drilling activity on the fifth horizontal well, the Files 2-12H, is ongoing and is approaching total depth. Finally, completion of the Vaughan 2-18 well, a shallow well testing a gas-charged zone observed in the Vaughan 1-18H well, is expected to commence later this week. The Company is extremely pleased by the initial results observed in its 2008 wells and believes that these results further validate the Company's asset position.
Market Wrap for July 8th, 2008
The stock market rebounded Tuesday following a late session rally as financial stocks soared and crude prices plummeted. The S&P 500 rose 1.7%, with eight of the ten economic sectors advancing. The financial sector spiked 5.7% in a rebound bid after falling 17% over the previous few weeks. Beaten-down names Freddie Mac (FRE 13.81, +1.90) and Fannie Mae (FNM 17.94, +2.20) showed significant strength. Fed Chairman Bernanke said the Fed is committed to financial stability, and may continue its emergency lending to investment banks through 2009. Crude fell 3.8% to $135.99 per barrel, marking a two-day decline of 6.4%. Traders took profits on reports that Iran's president wants to avoid war with Israel and the United States. Commodities as a whole fell 2.4% as the dollar rose 0.5%. The drop in crude prices lifted energy sensitive names, with transportation stocks climbing 5.0% and airlines gaining 11.2%. The consumer discretionary sector climbed 2.2%. Conversely, the energy sector slipped 1.5% due to the decline in crude prices. In corporate news, savings and loan company IndyMac Bancorp (IMB 0.44, -0.27) fell 38% after announcing that it could not successfully raise new capital, and that regulators said the firm is no longer well capitalized. IndyMac will no longer accept new loan submissions. In economic news, the latest pending home sales data indicate that the home sales market is still weak, but is not deteriorating at the same rate we saw throughout 2007. According to the National Association of Realtors, May pending home sales fell 4.7%, which is slightly more than the expected decline of 2.8%. However, April was revised higher to a gain of 7.1% from a rise of 6.3%.
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