VHGI Holdings, Inc. and VHGI Energy, LLC Announce the Selection of Initial Well Site in Scott County, Tennessee and Commencement of the Permitting Process
FT. WORTH, Texas, Sept. 14, 2011 /PRNewswire/ -- VHGI Holdings, Inc. (OTC.QB: VHGI) and VHGI Energy, LLC, its wholly-owned operating subsidiary, are pleased to announce that an initial drilling site has been selected and the permitting process begun toward the launching of its drilling program in Tennessee.
VHGI Energy has been working closely with Outdoor Resources of Crossville, TN. The initial well is to be located in Scott County, TN which has a 100 plus year history of oil and natural gas production with some wells producing for over thirty years.
"As a management team we are extremely excited to have this initial well in our introductory drilling program now on a clear path to reality," said Mr. Eric Leonetti, VHGI Energy VP/COO, adding, "Outdoor Resources' and their team have proven to be great partners in this effort. We have great faith in Outdoor Resources' team's site selection and look forward to the opportunity to further this relationship in the immediate future."
The current plans target the commencement of drilling to begin as early as three weeks. It is VHGI Energy's plan to have at least one representative on site to monitor the drilling process.
VHGI Energy, LLC plans an additional four (4) wells as quickly as possible. The wells are to be located in the "Upper Cumberland Region" of north central Tennessee (Morgan, Fentress and/or Scott Counties). The plan is for a shallow drilling program with a target of the Monteagle formation (750'); traditionally Tennessee's top gas and oil producing formation. The Monteagle is the most wide-spread oil and gas producing formation in the Cumberland Plateau.
About VHGI and VHGI Energy
VHGI is a diverse company with assets and interests focusing on opportunities within the Healthcare Technology Industry, Precious Metals and Energy Markets. VHGI Energy, LLC, a wholly owned subsidiary of VHGI, has recently initiated steps to leverage the company's operating history and corporate resources within the Oil, Natural Gas and Mining sectors and intends to pursue these opportunities through Lease-Purchase, Acquisitions and Joint Ventures opportunities.
"Safe Harbor" Statement:
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
For Further Information:
Shareholder Relations - Communications (440) 773-4310
SOURCE VHGI Holdings, Inc.
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