A Domestic
Oil & Gas Production
Growth Company
US Domestic Oil Gas Production Company CSLG
New Engineering VP With Extensive Drilling And Well Completion Experience Joins Consolidated -- Read More
Safe Harbor Statement: This press release may contain forward looking statements, as defined in the Securities Reform Act of 1995. Actual events or results may differ from Consolidated Oil & Gas, Inc. expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties: including economic conditions, and availability of timely financing for projects.
CONSOLIDATED OIL & GAS, INC.
Completion Of Reworking and Development Of 9 Wells
On 1,800 Acre Lease in Dimmit County, Texas
Domestic oil and gas production company, Consolidated Oil and Gas, Inc. (Stock Symbol: CSGL) announces completion of Phase One of the development of its 1,800 acre lease in Dimmit County, Texas. Nine producing oil and gas wells have been reworked by the company, and all infrastructure to deliver gas and oil to the market is in place.
Until the pay out to its partners is complete Consolidated Oil and Gas will receive 20% of net revenues from the Dimmit County property. After the payout, the Company will retain 45% of net revenues. Average life span of the current producing wells is 7 to 10 years.
One of the Austin Chaulk wells on the property has never had horizontal drilling and is currently available for future development. This lack of horizontal drilling is of particular interest because it increases the odds of finding additional limestone stratas of gas and or oil near the original well.
In addition, Consolidated has identified 10 additional locations on the property to drill shallow gas wells. These wells contain multiple zones in different strata and show evidence of strong future commercial production.
Mr. Yeatman, President of Consolidated Oil and Gas, stated, "We are continuing to aggressively acquire additional leases in Zavalla, Dimmit and LaSalle Counties. The leases will provide our company with residual revenue over a period of 5 to 10 years
