Granite Energy, Inc. Announces Acquisition of Kunkel Lease
One hundred sixty acre Archer County lease adds to Granite’s portfolio of producing properties.
Salt Lake City, UT (PRWEB) March 23, 2007 -- Granite Energy, Inc. (OTC: GNGI) (the Company), today announced it had acquired another proven, producing oil lease in Texas. The Kunkel lease is located in Archer County, Texas, and was acquired from Mahler Operating, Inc. This prospect presents a special opportunity in the Archer County area as part of Granite Energy’s Rework and Drilling program. The Kunkel prospect consists of 5 (five) wells with existing production and 2 (two) wells identified for rework. The company plans to drill 3 (three) additional wells in the first half of 2007.
Oil was discovered in Archer County in 1911, and by January 1, 2001, more than 489,066,000 barrels of oil had been taken out of Archer County lands.
The Kunkel lease was developed in the 1920s. Initial production from these wells was approximately 20 bbl a day. In the late 1920s these production numbers were not economically feasible so the owners moved on to different prospects. In the 1930s the wells on the Kunkel lease were plugged due to the economics of the time.
The Kunkel lease sat dormant for more than 50 years, until Mahler Operating acquired the lease and began to drill new wells.
Today the Kunkel lease has become part of Granite Energy’s Rework and Drilling program. As part of this program, all electrical components will be replaced or installed along with new tank farms, new flow lines, new well head assemblies, new rods, tubing and pumps.
“When companies like Goldman-Sachs predict oil prices of more than $100 per bbl (see: www.energybulletin.net/5017.html), obviously acquiring as much proven production as possible is paramount to our continued success,” stated Spencer Kimball, Granite Energy’s Chief Operating Officer.
For additional information about Granite Energy, Inc., go to www.graniteenergy.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
SOURCE: Granite Energy, Inc.
CONTACT:
Granite Energy, Inc.
Aaron Bringhurst
801-532-6800
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