Company Website:
http://www.armadaoil.us
DALLAS -- (Business Wire)
Armada Oil, Inc. (the “Company”)(OTCBB:AOIL), an oil and
gas exploration and production company, today provided an update on the
drilling the Bear Creek # 1 well in Carbon County, Wyoming.
The drilling of the Bear Creek #1 is ongoing. The depth required to
comply with the provisions of the Anadarko Farmout agreement has turned
out to be deeper than the pre-drilling geo-prognosis suggested and
drilling of the deeper part of the well has been challenging. In
addition, the drilling schedule was delayed a few days due to a coring
tool being stuck in the hole, As a result, the schedule for completion
of the drilling phase has slipped and will likely take another week to
ten days. We will provide a comprehensive update when we are finished
drilling and have the appropriate data.
“There are a lot of variables involved in drilling any well, especially
a test well in a new area. Many of the pre-drilling assumptions have to
be adjusted along the way. Information collected from drilling samples
in the Niobrara and a couple of the conventional zones is very
promising. We look forward to the completion of drilling so that we can
assemble the analysis from the various disciplines and provide a
comprehensive report to our shareholders.” said Randy M. Griffin, CEO of
Armada Oil, Inc.
About Armada Oil, Inc.
Armada Oil, Inc. (OTCBB:AOIL), headquartered in Dallas, Texas, is a
growth-oriented oil and gas Exploration and Production (E&P) company
with a focus on growing reserves and net asset value per share,
primarily through the acquisition, development and enhancement of
multiple onshore oil and natural gas producing properties as well as the
development of highly diversified developmental drilling opportunities,
both conventional and unconventional. The Company currently has
producing oil properties in Plaquemines and Lafourche Parishes in
Louisiana and in Woodson County, Kansas. In addition, the Company has
developmental properties in Wyoming County, NY and controls a strategic
acreage position in southern Wyoming in the liquids-rich Niobrara Play.
More information about Armada Oil may be found at http://www.armadaoil.us.
Forward-Looking Statements
Certain statements in this news release, which are not historical facts,
are forward-looking statements. These statements are subject to risks
and uncertainties. Words such as "expects", "intends", "plans", "may",
"could", "should", "anticipates", "likely", "believes" and words of
similar import also identify forward-looking statements. Forward-looking
statements are based on current facts and analyses and other information
that are based on forecasts of future results, estimates of amounts not
yet determined and assumptions of management. Actual results may differ
materially from those currently anticipated due to a number of factors
which may be beyond the reasonable control of the Company, including,
but not limited to, the Company’s ability to locate and acquire suitable
interests in oil and gas properties on terms acceptable to the Company,
the availability and pricing of additional capital to finance operations
and leasehold acquisitions, the ability of the Company to build and
maintain a successful operations infrastructure, the Company’s ability
to integrate acquired assets, the intensity of competition and changes
and volatility in energy prices. Readers are urged not to place undue
reliance on the forward-looking statements, which speak only as of the
date of this release. We assume no obligation to update any
forward-looking statements in order to reflect any event or circumstance
that may arise after the date of this release. Additional information on
risks and other factors that may affect the business and financial
results of the Company can be found in the filings of the Company with
the U.S. Securities and Exchange Commission at www.sec.gov.
Contacts:
Armada Oil, Inc.
972-490-9595
investorrelations@armadaoil.us
Source: Armada Oil, Inc.
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