LIGHTNING RELEASES: Bowling Green, Kentucky (7/22/2014): Encore Energy announced today that it has successfully drilled and is currently completing and equipping its first four (4) well-site locations for the production of oil.
The Company is currently drilling well #5 and is tentatively scheduled drill a total of 20 planned wells in Western Kentucky over the next 90 – 180 days.
“We are definitely pleased to see what appears to be potentially productive oil reserves from multiple target formations”, said Steve Stengell, Encore’s President CEO.
The Company has 100% of its 2nd 10-well project funding committed and is making preparations to close the program.
Today’s oil prices approximate $104 per barrel while the Oil-Price.Net one-year forecast is $120.
No assurances can be made as it relates to production, prices, reserves or timeline estimates for any given project.
For more information regarding Encore, please contact Joseph Hooper at (270) 842 – 1242, ext. 224.
Cautionary Statement: The information herein includes forward-looking statements and actual results may vary. No assurances can be made as it pertains to geological success, production estimates, income, reserves, profitability, timelines or that the Company will achieve the necessary funding to make project(s) profitable. Oil and gas involves a high degree of risk and uncertainty. Many of these risks are beyond the control of management. Oil and gas investments are not suitable for all investors. This is not an offer to sell a security, and offers shall be made only to sophisticated Accredited investors (as defined by the SEC) through a private-placement offering memorandum.