We experienced deviation during drilling operations that set the total depth location approximately 177 feet Northeast of the target. During mud-logging, we identified a fault line that was not indicated on our pre-drill seismic shoot, this fault appears to have proven additional drilling locations within the prospect
Salt Lake City, UT (PRWEB) January 8, 2007
Granite Energy, Inc. (OTC: GNGI) (the Company), today announced the completion of drilling operations on the TigerShark #2-12 well, located on the CardShark prospect in Seminole County, Oklahoma. The Company also announced that 4,300 feet of production casing was run and cemented down the hole, and final completion is slated for later this month. Initial drill stem testing indicates IP (initial production) figures could range from 100 to 136 Barrels per day of oil production.
“We experienced deviation during drilling operations that set the total depth location approximately 177 feet Northeast of the target. During mud-logging, we identified a fault line that was not indicated on our pre-drill seismic shoot, this fault appears to have proven additional drilling locations within the prospect,” stated Granite Energy’s Senior Field Engineer, David Hanks.
Granite Energy ("Granite") (NASDAQ OTC symbol: GNGI) is a leading independent energy company headquartered in Salt Lake City, UT and focused on oil and gas development, exploration and production. With oil professionals in offices throughout North America, Granite executes on a proprietary business model that enhances the lifecycle for oil producing properties. Granite Energy has growing oil and gas holdings in Texas, New Mexico and Oklahoma. The combination of Granite's methodologies, geological and technical expertise enables Granite to deliver the tangible economic benefits in the acquisition and development of oil and gas fields with both current production as well as exploration and development of new prospects.
For additional information about Granite Energy, Inc., go to http://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.
Contact: Granite Energy, Inc.
S. Matthew Schultz, 801-532-6800