High Crude Oil Prices Sparks Investor Interest Young Expands 2001 Program to Meet Demand

Apr 18, 2001, 01:00 ET from Young Oil Corporation

    KNOB LICK, Ky., April 18 /PRNewswire/ -- Young Oil Corporation has
 announced plans to expand its 2001 oil and gas well drilling program from 25
 to 50 wells to meet investor demand sparked by continuing high oil prices.
     "We usually drill about 25 wells a year, but over the past few weeks we
 decided to drill twice that number due to what appears to be a marked increase
 interest in the oil business by investors," said Anthony Young, CEO, Young Oil
 Corp.
     "We believe that investors are now beginning to believe what industry
 experts have been saying for months, above $25 per barrel oil is here to stay.
 And it is the economy, not just OPEC, that is keeping oil above $25 a barrel,"
 Young added.
     Young notes that while the desire to "get on the right side of high
 gasoline prices" is the primary factor bringing new investors into the oil
 business, there are other factors, including the recent erratic behavior of
 the market, marked by the downward trend of high tech stocks.
     "Investors have grown weary of the roller coaster ride they are getting in
 the market today.  Very likely, for the first time in recent history, it
 appears that oil and gas prices won't be on the same roller coaster.  They
 will only be heading up and staying there in the foreseeable future," Young
 predicted.
     "We also like to think we are attracting investors because of our past
 performance.  We scout out the very best prospects and keep our drilling costs
 to a bare minimum.  In addition, we drill a lot more flowing oil wells than
 dry holes," he added.
     Young Oil Corporation now has the highest producing well to dry hole ratio
 of any company operating in the state of Tennessee.  Through December 2000,
 Young hit oil or gas in 57 of the 72 wells it drilled.
     In 1999, Anthony Young was named the Tennessee Oil Man of the Year by the
 Tennessee Oil & Gas Association (TOGA).  In making the presentation, TOGA
 president Bill Godwin, noted that the association seeks out "Boom Makers" for
 this award.
     "Your drilling success has created a drilling boom in Tennessee," Goodwin
 told Young, noting that the association had not named an outstanding oil man
 for nearly a decade because no one lived up to the title.
     Young credits much of his success to the formation he targets.  "We focus
 on the Trenton or Sunnybrook formation at depths of between 700 to 1,500 feet.
     "It is a fractured limestone formation.  We are always looking for
 intersecting vertical fractures.  When we hit one, the results can be
 spectacular wells at these very shallow depths," said Young
     He cited the Wright #1 drilled earlier this year in Pickett County,
 Tennessee.  The well was initially drilled into the Upper Sunnybrook at 540
 feet, where it began flowing 130 barrels of oil a day.
     After several days that fracture gave out and the well quit flowing. Young
 deepened the well to 750 feet, where it began flowing at the rate of 48
 barrels an hour or 1,000 barrels of oil a day.  Again, it stopped flowing
 after it produced several thousand barrels of oil.
     "We deepened it again, this time to 1,120 feet.  When we got it cleaned
 up, we put it on pump and it was pumping about 123 barrels of oil a day," he
 said.
     "Our Trenton or Sunnybrook wells certainly aren't big wells by Texas
 standards, but they can be every bit as profitable and last just as long.
     "Many of these wells will produce for 20 years or more.  This isn't all
 that bad for a well that will pay out in a few years and in some cases, like
 the Wright #1 in just a few days," he added.
     Young Oil Corporation is a privately owned crude oil and natural gas
 exploration and production firm, based in Knob Lick, Kentucky.  The company
 drills its wells with its own rig in Overton, Clay, Picket and Fentress
 Counties in Tennessee as well as Clinton County, Kentucky.
 
 

SOURCE Young Oil Corporation
    KNOB LICK, Ky., April 18 /PRNewswire/ -- Young Oil Corporation has
 announced plans to expand its 2001 oil and gas well drilling program from 25
 to 50 wells to meet investor demand sparked by continuing high oil prices.
     "We usually drill about 25 wells a year, but over the past few weeks we
 decided to drill twice that number due to what appears to be a marked increase
 interest in the oil business by investors," said Anthony Young, CEO, Young Oil
 Corp.
     "We believe that investors are now beginning to believe what industry
 experts have been saying for months, above $25 per barrel oil is here to stay.
 And it is the economy, not just OPEC, that is keeping oil above $25 a barrel,"
 Young added.
     Young notes that while the desire to "get on the right side of high
 gasoline prices" is the primary factor bringing new investors into the oil
 business, there are other factors, including the recent erratic behavior of
 the market, marked by the downward trend of high tech stocks.
     "Investors have grown weary of the roller coaster ride they are getting in
 the market today.  Very likely, for the first time in recent history, it
 appears that oil and gas prices won't be on the same roller coaster.  They
 will only be heading up and staying there in the foreseeable future," Young
 predicted.
     "We also like to think we are attracting investors because of our past
 performance.  We scout out the very best prospects and keep our drilling costs
 to a bare minimum.  In addition, we drill a lot more flowing oil wells than
 dry holes," he added.
     Young Oil Corporation now has the highest producing well to dry hole ratio
 of any company operating in the state of Tennessee.  Through December 2000,
 Young hit oil or gas in 57 of the 72 wells it drilled.
     In 1999, Anthony Young was named the Tennessee Oil Man of the Year by the
 Tennessee Oil & Gas Association (TOGA).  In making the presentation, TOGA
 president Bill Godwin, noted that the association seeks out "Boom Makers" for
 this award.
     "Your drilling success has created a drilling boom in Tennessee," Goodwin
 told Young, noting that the association had not named an outstanding oil man
 for nearly a decade because no one lived up to the title.
     Young credits much of his success to the formation he targets.  "We focus
 on the Trenton or Sunnybrook formation at depths of between 700 to 1,500 feet.
     "It is a fractured limestone formation.  We are always looking for
 intersecting vertical fractures.  When we hit one, the results can be
 spectacular wells at these very shallow depths," said Young
     He cited the Wright #1 drilled earlier this year in Pickett County,
 Tennessee.  The well was initially drilled into the Upper Sunnybrook at 540
 feet, where it began flowing 130 barrels of oil a day.
     After several days that fracture gave out and the well quit flowing. Young
 deepened the well to 750 feet, where it began flowing at the rate of 48
 barrels an hour or 1,000 barrels of oil a day.  Again, it stopped flowing
 after it produced several thousand barrels of oil.
     "We deepened it again, this time to 1,120 feet.  When we got it cleaned
 up, we put it on pump and it was pumping about 123 barrels of oil a day," he
 said.
     "Our Trenton or Sunnybrook wells certainly aren't big wells by Texas
 standards, but they can be every bit as profitable and last just as long.
     "Many of these wells will produce for 20 years or more.  This isn't all
 that bad for a well that will pay out in a few years and in some cases, like
 the Wright #1 in just a few days," he added.
     Young Oil Corporation is a privately owned crude oil and natural gas
 exploration and production firm, based in Knob Lick, Kentucky.  The company
 drills its wells with its own rig in Overton, Clay, Picket and Fentress
 Counties in Tennessee as well as Clinton County, Kentucky.
 
 SOURCE  Young Oil Corporation