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 announced that it has
commenced drilling the Bear Creek # 1 well in Carbon County, Wyoming.
The Bear Creek #1 will be drilled to a total vertical depth of
approximately 8,457 feet to test a number of deep conventional zones
with significant potential as well as to gain valuable information on
the quality and potential of the Niobrara Shale on the project acreage.
The Company holds a 100% working interest in the project and expects
drilling time to be approximately 15 days. As a result of the
commencement of drilling, we have complied with our drilling obligations
under the farmout agreement with Anadarko and, thus, retain our rights
to the balance of the farmout acreage.
The Anschutz Ranch #1 well, which is located about 3/4ths of a mile
southwest of the Bear Creek #1 location, has produced approximately
970,000 barrels of oil out of the Sundance on a subsurface structure
that shows similar traits to the Bear Creek #1 target.
“We are pleased to be getting this project underway and look forward to
a successful effort,” said Randy M. Griffin, CEO of Armada Oil, Inc.
The Company also announced that it has sold its remaining acreage
position in Oklahoma in order to focus on its Kansas and Wyoming
projects as well as to continue to pursue additional producing property
acquisitions.
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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