DALLAS, March 5, 2012 /PRNewswire/ -- Sun River Energy, Inc. (OTC:BB:SNRV). On March 5, 2012, Sun River Energy, Inc. (the "Company" or "Sun River") announces it is shifting its development focus from its natural gas assets to its oil assets.
Donal R. Schmidt, Jr., the Company's CEO and President, said:
"As the price of natural gas began to decline last summer we began to evaluate shifting our focus to oil. We are fortunate to have over 9,500 net acres prospective in the Woodbine and Pettet formations in the East Texas basin which we acquired over the last two years.
"During the last 120 days we have extensively reviewed and evaluated additional acquisition opportunities in the Woodbine totaling well-over 39,000 acres. As a result of the hard work by our team, I anticipate we will announce a major drilling program with acceptable financing terms in the next several weeks targeting the Woodbine formation.
"The Woodbine formation is comparable to the Bakken and Eagle Ford in both recovery of reserves per well and cost per barrel produced. Fortunately, our management team has strong industry contacts in the basin which give us a significant competitive advantage in the development of the Woodbine. Coupled with the fact they also have extensive successful experience in drilling extended reach horizontal wells, multi-lateral wells, and conducting multi-stage facture stimulation which is driving the oil resource boom occurring in the United States we expect a successful transition.
"This change in direction should allow the Company to benefit from the past successes of its management team's extensive experience in the implementation of new technology in proven basins."
About Sun River Energy, Inc.:
Sun River Energy, Inc. is a Dallas-based, oil and gas exploration and production company. For further information on the Company, please visit our website www.snrv.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" (statements which are not historical facts) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations rather than historical facts and they are indicated by words or phrases such as "anticipate," "could," "may," "might," "potential," "predict," "should," "estimate," "expect," "project," "believe," "plan," "envision," "continue," "intend," "target," "contemplate," or "will" and similar words or phrases or comparable terminology. We have based such forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, many of which are beyond our control. These factors include, but are not limited to, the time to consummate the proposed development, completion and extraction; the timing and extent of changes in market conditions and prices for natural gas and oil; the timing and extent of the Company's success in discovering, developing, producing and estimating reserves; the economic viability of, and the Company's success in drilling, the Company's ability to fund the acquisition, development, completion and extraction of oil and gas assets and the Company's planned capital investments; the Company's future property acquisition or divestiture activities; increased competition; and any other factors listed in the reports the Company has filed and may file with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date they were made. The Company undertakes no obligation to update or revise any forward-looking statements to reflect new information or the occurrence of unanticipated events or otherwise.
SOURCE Sun River Energy, Inc.