ST. PETERSBURG, Fla., April 26, 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 completed the rework procedure and placed the Lasley No. 4 well, located in Adair County, Kentucky, back into production.
Through the Company's wholly owned subsidiary, US Natural Gas Corp KY, the Lasley No. 4 well was re-entered on April 18, 2011. The re-entry procedure was facilitated with the Company's newly acquired 10T Smeal work-over rig. After removal of the above ground completion components and rods, the cups, down-hole pump, and select rods were replaced. The well was placed back into production on April 22, 2011. The Lasley No. 4 well was drilled and completed in August 1983 to a TD of 1560' with production occurring from the Knox Formation in the interval from 1516-1524'. After completion of the rework procedure, the Company anticipates the Lasley No. 4 will produce on average 1.5 -3 BOD.
The Company has moved its work-over rig to the Lasely No. 3 well located on the same leasehold and initiated the re-entry procedure. At present, the Company anticipates it will be required to remove and or replace the rods, tubing, down-hole pump, working barrel, and cups on the No. 3 prior to placing it back into production.
"The acquisition of our work-over rig now allows us to re-enter our wells in a timely and cost effective manner," stated Wayne Anderson, President of US Natural Gas Corp. "The rig will also grant us the opportunity to bail open wellbores and places those with signs of oil delivery into production. We have identified three candidates which we will address in the coming weeks."
The Company's newly acquired Smeal work-over rig is outfitted with a 10T pump hoist with 27,000 lbs lifting capacity, a 36ft. telescoping mast, sandline winch with 2,500 ft. of 7/16" cable, hydraulic outrigger jacks, line block and hooks all mounted on a Ford F-800.
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.
Contact: US Natural Gas Corp Shannon Bell, Executive Assistant (727) 824-2800 [email protected]