Based on the encouraging results we have received from our test wells, Canary will now expand its www.canaryresources.com [drilling program]. We expect to drill up to 20 wells a month on leases we own in the Eastern Forest City Basin
Stilwell, KS (PRWEB) April 13, 2006
Canary Resources Inc. (OTCPK: CYRR) announced today that it has launched its drilling program for coal bed methane in the Eastern Forest City Basin of Kansas and Missouri. The natural gas and oil company has nine wells, which are presently shut-in pending pipeline connection. Initial indications are positive: all of these wells have good gas shows and are expected to be commercially productive.
“Based on the encouraging results we have received from our test wells, Canary will now expand its drilling program. We expect to drill up to 20 wells a month on leases we own in the Eastern Forest City Basin,” commented William Chandler, Jr., President and Chief Executive Officer of Canary Resources Inc. “We are also close to finalizing plans for pipeline access, and expect to have wells on production as soon as we are able to hook up.”
Canary Resources Inc. is an independent Oil and Natural Gas Company engaged in the acquisition, exploitation, production and development of oil and natural gas properties. Canary has an active leasing program and farm-out agreements covering acreage in Johnson and Miami Counties, Kansas and in Bates and Cass Counties, Missouri, for which it is the operator. It plans to drill numerous shallow coal-bed methane gas wells in these areas on 40 acre spacing or less. The gas wells are anticipated to be drilled to depths of between 600 and 1,000 feet.
Portions of this document include “forward looking statements”, which may be understood as any statement other than a statement of historical fact. Forward-looking statements contained in this document are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We have tried, whenever possible, to identify these forward-looking statements using words such as “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “potential” and similar expressions. Actual results may vary materially from management’s expectations and projections expressed in this document. Certain factors that can affect the Company’s ability to achieve projected results include, among others, production variances from expectations, uncertainties about estimates of reserves, volatility of oil and gas prices, the need to develop and replace reserves, the substantial capital expenditures required to fund operations, environmental risks, drilling and operating risks, risks related to exploratory and development drilling, competition, government regulation and the ability of the Company to implement its business strategy.
For additional information on the coal bed methane drilling program or any other oil and natural gas properties, contact Canary Resources Inc.
crobbins @ consultaro.com
investors @ canaryresources.com