Heartland Oil and Gas Corporation Continues Drilling Program - Prepares to Complete and Connect 7 New Wells in the Cherokee Basin, Kansas
2007-07-10 06:29 ET - News Release
Also News Release (U-HOGC) HEARTLAND OIL & GAS CP
SPRING HILL, Kan. -- (Business Wire)
The new management of Heartland Oil and Gas Corp. (OTCBB:HOGC) met this past weekend in order to establish procedures and finalize plans for the completion and connection of the 7 wells it has recently had drilled in its Cherokee Basin Coalbed Methane Field in Southeastern Kansas.
These seven new wells, the first of the recently commenced drilling program undertaken with the assistance of Aztec Well Services, Inc., a wholly owned subsidiary of Heartland?s new parent, Universal Property Development and Acquisition Corporation (OTCBB:UPDA) (FWB:UP1) (BCN:UP1) (GER:UP1) (MUN:UP1) (STU:UP1), should be completed and connected to the sales line within the next two weeks while Aztec continues to drill additional wells. These wells are in addition to the 24 wells previously drilled by Heartland in the Cherokee Basin.
?We met this weekend and established the methods to frac and perforate the wells, determined the best location for the pipelines and reviewed the locations for the next new wells,? reported Heartland?s new CEO, Steven A. Fall. ?I will also meet with our consulting petroleum engineer in order that the drilling program can progress without interruption. Another well was spud today and should reach total depth by Wednesday, weather permitting. After that, we will be ready to move to well number 9.?
As a result of financing obtained with the assistance of Universal Property Development and Acquisition Corporation (OTCBB:UPDA) (FWB:UP1) (BCN:UP1) (GER:UP1) (MUN:UP1) (STU:UP1), Heartland is preparing to drill as many as 2 wells per week in its Cherokee Basin Coalbed Methane Field.
About Coal Bed Methane
Natural gas normally consists of 80% or more methane with the balance comprising such hydrocarbons as butane, ethane and propane. In some cases it may be sour, that is contain minute quantities of highly poisonous hydrogen sulfide. CBM is as a rule a sweet gas consisting of 95% methane and thus is normally of pipeline quality. CBM is considered an unconventional natural gas resource because it does not rely on a 'conventional' trapping mechanism or stratigraphic trap such as a fault or anticline comprised of a impermeable rock. Instead CBM is ?adsorbed? or attached to the molecular structure of the coals - a surprisingly efficient storage mechanism as CBM coals can contain as much as seven times the amount of gas typically stored in a conventional natural gas reservoir such as sandstone or shale. The adsorbed CBM is kept in place as a result of a pressure equilibrium often from the presence of water. Thus the production of CBM in many cases requires the dewatering of the coals to be exploited. This process usually requires the drilling of adjacent wells and from 6 to 36 months to complete. CBM production typically has a low rate of production decline and a long economic life of from 10 to 40 years. The principal sources of CBM are either biogenic, producing a dry gas which is generated from bacteria in organic matter, typically at depths less than 1000 feet, or thermogenic, which is a deeper wet gas, formed when organic matter is broken down by temperature and pressure. Currently, natural gas from coal beds accounts for approximately 7% of total natural gas production in the United States.
For further information, visit www.heartlandoilandgas.com
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contacts:
Heartland Oil and Gas Corporation
Jack Baker, Investor Relations, 561-630-2977
info@heartlandoilandgas.com
Source: Heartland Oil and Gas Corporation
|
Thread abonnieren
ETF-Sparplan