Kentucky USA Energy, Inc. Announces Reaching Total Depth on Second Well
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LONDON, Ky.--(Business Wire)--
Kentucky USA Energy, Inc. (OTCBB: KYUS), an early stage natural
gas exploration and production company, announced today that the
Company has reached total depth ("TD") of 2510 feet on Hunter Wells
#2, the second well drilled by the Company in the New Albany Shale
that has been evaluated and determined to be commercially viable. The
well showed strong gas to the surface while drilling, and after
logging the well, the log confirms that the shale formation
encountered in this well is comparable to wells evaluated in the
Company's original reserves study. The completion process has begun on
the well; the 4 1/2" production casing is expected to be run into the
well this week. The drilling contractor will rig down and mobilize the
rig to the next location, B Johnston #1. Mechanical difficulties had
caused the rig at Slinker #1B to go offline temporarily; however,
repair on the equipment has been completed, and it is presently
drilling at a depth of 1675 feet. Slinker #1B is expected to reach TD
at the base of the shale formation of approximately 2500 feet. In
addition, the crew has successfully cemented the production string at
Francis Grace #1 and is now preparing for perforation and fracturing,
which is scheduled for next week.
About Kentucky USA Energy, Inc.
Headquartered in London, KY, Kentucky USA Energy, Inc. engages in
the acquisition, exploration, and development of oil and natural gas
resource properties, with a primary focus on New Albany shale gas in
the Illinois Basin in western Kentucky. The Company is a growing
independent energy company with the experience and technological
expertise to develop its gas resources in the Illinois Basin's New
Albany Shale.
More information about the Company may be found at
www.kusaenergy.com
Forward-Looking Statements
Certain statements in this news release, which are not historical
facts, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. 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 Kentucky USA Energy, including, but not limited
to, the availability and pricing of additional capital to finance
operations, including the drilling of its initial gas wells, longer
term drilling programs and additional leasehold acquisitions, the
viability of the shale gas fields in the Illinois Basin in western
Kentucky, the ability of Kentucky USA Energy to build and maintain a
successful operations infrastructure and to effectively drill and
develop producing wells, the successful negotiation and execution of
cost-effective third-party gas drilling and distribution agreements,
the continued commitment of drill rig operators and future economic
conditions and 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 Kentucky USA Energy can be found in the
filings of Kentucky USA Energy with the U.S. Securities and Exchange
Commission.
Corporate:
Kentucky USA Energy, Inc.
Steven Eversole, CEO
606-878-5987
or
Investor Relations
Corporate Evolutions, Inc.
516-482-0155
Toll Free: 877-482-0155
info@corporateevolutions.com
www.corporateevolutions.com
Copyright Business Wire 2008
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