BELLEVUE, Wash., Oct. 21 /PRNewswire-FirstCall/ -- Westmont Resources, Inc. (OTC Bulletin Board: WMNS), is pleased to announce it has filed its Quarterly Report for the First Quarter ending August 31, 2010 on Form 10-Q and accompanying financial review performed by Malone & Bailey (M&B) of Houston, Texas. The filings insure that Westmont is current and includes Westmont's previously announced acquisitions of 92 oil and gas wells in Tennessee and the follow-on acquisitions of 60 wells in Pennsylvania and 60 wells in West Virginia.
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee. It is believed to be one of the richest natural gas fields in the World. In early 2008, geoscientist at Penn State Univ, and SUNY Fredonia estimated that the Marcellus & Chattanooga contains more than 500 trillion cubic feet of natural gas. These reserves represent more than 2 times the current reserves located in Saudi Arabia. The shale contains largely untapped natural gas reserves, and its proximity to the high-demand markets along the East Coast makes it an attractive target for energy development.
Preliminary estimates indicate that the value of the potential reserves associated with these 212 wells in Pennsylvania, Tennessee, and West Virginia could amount to nearly $69.71 million. Westmont believes that with additional exploration an additional 560 wells could be redrilled or reentered in the area increasing the potential reserves for the entire project by an estimated $183 million, or a combined estimated value for the three project areas of $252.71 million. This is based on the company's review of other assessments and production in the immediate area.
"Westmont is focused on applying or proprietary cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins," said Glenn McQuiston, Westmont's President. "Equally important our systems, as opposed to the traditional alternatives, meet our goal of producing zero harm to people and the environment."
Malone & Bailey, based in Houston, is one of the most experienced public accounting firms in the oil & gas sector and has extensive experience and expertise with publicly traded companies. The firm is registered with the Public Company Accounting Oversight Board and is an independent member firm associated TIAG and MSNA. Malone & Bailey will continue to review and audit the SEC filings in order to keep Westmont current in its disclosure obligations.
"We are very happy to have an experienced and very qualified firm to work with our senior management team," said Marcie Corbin, CFO. "We look forward to moving forward with our business integration and planned growth strategy of acquiring additional wells to augment our projects in the greater Marcellus in Pennsylvania, Tennessee, and West Virginia."
About Westmont Resources
Westmont Resources is an independent natural resource and development company headquartered in Bellevue, Washington, with principal operations in the United States. Westmont's business model emphasizes the acquisition and operation of existing producing assets, in the oil and gas industry. As new technologies expand both the exploration possibilities and production of oil and gas in the face of ever-rising demand, obtaining peak efficiency and production from existing aging wells becomes increasingly profitable. Westmont Resources is committed to significant growth as it pursues its strategy to combine and consolidate assets and companies in the oil and natural gas production and services sectors. For more information about Westmont Resources Inc, visit the company's website at www.westmontresources.com
Safe Harbor Statement
This press release contains forward-looking statements regarding Westmont Resources, Inc. within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting Westmont Resources, Inc. Forward-looking statements speak only as of the date on which they are made and Westmont Resources, Inc. undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
SOURCE Westmont Resources, Inc.