ST. PETERSBURG, Fla., Aug. 2, 2011 /PRNewswire/ -- US Natural Gas Corp (OTCQB: UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to announce that it has acquired leases totaling approximately 250 acres and three producing natural gas wells in Wayne County, West Virginia.
The Fuller No. 691 well was drilled and completed in 1962 to a depth of 3608' with production occurring from both the Coniferous and McKenzie-Keefer formations. The Company intends on replacing the above ground completion components prior to placing the No. 691 well into production.
The McGee No. 2 well was drilled and completed in 1959 to a depth of 3610' with production occurring from the Coniferous formation. The Company will install new well head and above ground completion components prior to placing this well into production.
The McGee No. 622 well was drilled and completed in 1960 to a depth of 1869'. The well was later deepened to a depth of 3944' with production occurring from both the McKenzie-Keefer and Tuscarora Sandstone formations. The Company will swab this well of any fluids within the wellbore and then place the well into production.
The Company's projected daily combined production from the three wells is on average 60 mcf/day. At current pricing for natural gas of $4.50/mcf, the Company's conservative two year revenue estimate is $200,000.
"The addition of these three wells in Wayne County, West Virginia compliments our portfolio of producing properties in the area," stated Wayne Anderson, President of US Natural Gas Corp. "It is our goal to have all required work completed and the wells tied into our gathering system prior to mid-September with revenue generated immediately thereafter."
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. www.usnatgascorp.com
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2010.
US Natural Gas Corp
Shannon Bell, Executive Assistant
SOURCE US Natural Gas Corp