LUXE: OTC-BB
CALGARY, July 10 /PRNewswire-FirstCall/ - Lux Energy Corp (the "Company") is
pleased to announce that it has negotiated to acquire its first working
interest in Alberta. The project is a 2 well program in Barrhead West Central,
Alberta, near Edmonton. The Barrhead C & D wells project includes two wells,
one is a capped re-completion well in an area with proven production records
and the other is a new drill target in a proven development field. The new
drill target was successfully drilled and encountered 3 gas zones and 1
potential oil zone in the Baniff formation. Well D is scheduled to be uncapped
and tied into the pipeline around the end of July.
The first well has been drilled to a depth of 1220 meters or approximately
4000 feet. This well was drilled this spring and has encountered 4 gas zones.
The well encountered two pay zones in the Belly River structure: the Viking
and Banff zone. The Operator perforated the Banff zone and the well free
flowed at 680,000 cubic feet with an additional 1 BBL of liquids per hour. The
well was flowed for 24 hours and settled in at 400 psi. The well was shut in
and it pressured to 1000 psi in less than 1 hour. Indications are that this
should be a prolific flowing zone with excellent reserve potential given how
quickly the well pressured up. The Operator has installed meters in the hole
which will remain for 1 week to access more precise information on the reserve
potential.
"The Barrhead C & D wells have been projected to produce approximately 1850
mcf/day of Natural Gas and 60 bbl/day of Oil & Condensate. The Company's
working interest would be 4% and is estimated to provide over $200,000 in
annual income based on current spot prices. If oil and gas prices rise the
revenue from this interest would also rise. Given current oil and gas prices
we believe that this working interest will not only provide Lux Energy with a
solid revenue stream going forward but it will likely increase. Lux Energy has
a number of other producing acquisition targets and is currently in
negotiations."
A copy of the filed information can be found for viewing by electronic means
by viewing the Company's filings on www.edgar.com.
Lux Energy Corporation
Lux Energy is an oil and gas acquisition and production company focusing on
developing oil resources in North America.
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information
presented in this news release constitutes "forward-looking statements" as
such term is used in applicable United States and Canadian laws. These
statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve discussions
with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but not
always, using words or phrases such as "expects" or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans, "estimates" or
"intends", or stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved) are not statements
of historical fact and should be viewed as "forward-looking statements". Such
forward looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. Such
risks and other factors include, among others, the actual results of
exploration activities, variations in the underlying assumptions associated
with the estimation or realization of oil or gas resources, the availability
of capital to fund programs and the resulting dilution caused by the raising
of capital through the sale of shares, accidents, labour disputes and other
risks of the oil and gas industry including, without limitation, those
associated with the environment, delays in obtaining governmental approvals,
permits or financing or in the completion of development or construction
activities, title disputes or claims limitations on insurance coverage.
Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this news release and in
any document referred to in this news release.
Forward looking statements are made based on management's beliefs, estimates
and opinions on the date the statements are made and the Company undertakes no
obligation to update forward-looking statements if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law. Such forward-looking statements reflect our current views with
respect to future events and are subject to certain risks, uncertainties and
assumptions, including, the risks and uncertainties outlined in our most
recent financial statements and reports and registration statement filed with
the United States Securities and Exchange Commission (the "SEC") (available at
www.sec.gov). Such risks and uncertainties may include, but are not limited
to, the risks and uncertainties set forth in the Company's filings with the
SEC, such as the ability to obtain additional financing, the effect of
economic and business conditions, the ability to attract and retain skilled
personnel and factors outside the control of the Company. These
forward-looking statements are made as of the date of this news release, and
the Company assumes no obligation to update the forward-looking statements or
to update the reasons why actual results could differ from those projected in
the forward-looking statements. Although the Company believes that the
beliefs, plans, expectations and intentions contained in this news release are
reasonable, there can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk factors
disclosed in the Company's periodic reports filed from time-to-time with the
SEC.
This news release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
SOURCE LUX Energy Corporation
please visit www.luxenergycorp.com or contact Shane Broesky at: Corporate
Office, Suite 1950 - 777 8th Ave S.W., Calgary, Alberta, T2P 3R5, Canada;
Investor Relations, TF: (866) 777-4568, TF: (866) 581-3484,
info@luxenergycorp.com
