Greater Sooner Holding, Inc. Announces Plans to Produce $23,000,000 in Oil and Gas Reserves; Company Executing Workover Plans for First Six Wells in Clayton Field Project Area
2006-04-26 07:00 ET - News Release
HOUSTON -- (Business Wire) -- April 26, 2006
Greater Sooner Holding, Inc. (OTC:GSNH) today announced
that the Company is now executing the workover plans for the first six
wells in the Company's Clayton Field project area in Live Oak County,
Texas.
The first well is producing at predicted rates yielding over
$40,000 in monthly cash flow. Remediation steps for the next five
wells will access over $23,000,000 in crude oil and natural gas
production.
The initial investment has been allocated to repairing individual
well and field infrastructure. Field upgrades include repaired and
sealed pipeline leaks resulting in reallocated pressure across the
field. Individual well remediation includes coiled tubing and acid
jobs to remove obstructions and increase the flow rate to the surface.
Service providers and resources to execute these repairs are onsite
and performing without fail.
With these initial steps in process, the Company can now prepare
for the next workover phase -- the deepening of one of the wells in
the field to access an additional $30,500,000 in probable oil and gas
reserves. This operating plan for the entire field production is
expected to access over $285,000,000 in probable reserves.
About Greater Sooner Holding, Inc.
Greater Sooner Holding, Inc. is a crude oil and natural gas
exploration and production company with operations in Houston, Texas.
The Company executes a repeatable business model to generate cash flow
by reworking existing operating wells with proven reserves and using
the proceeds to drill new and deeper wells in the target project area.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, the potential for additional customer growth
from acquired operations and additional opportunities for growth.
There are important factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including: general economic business conditions,
unfavorable weather conditions, the success of certain cost
containment initiatives, changes in regulations or regulatory
treatment, availability and the cost of capital, the success of growth
initiatives, and other factors discussed in our filings with the
Securities and Exchange Commissions. Additionally, this release may
not be considered as legal, accounting, or investment advice, and is
not, and may not be considered, a solicitation for the purchase of any
securities issued by Greater Sooner Holding, Inc.
Contacts:
LC Group
Rick Lutz, 404-261-1196
lcgroup@mindspring.com
