Costa Mesa, CA (PRWEB) August 29, 2008
Turan Petroleum, Inc. ("Turan"), a privately held, independent oil and gas exploration company, whose ARYS site covers approximately 22,000 square kilometers in the South Kazakhstan; today reported that the exploration period of Contract number 753 was extended by the Ministry of Energy and Mineral Resources of Kazakhstan for two additional years, 2009 and 2010.
Turan has signed a strategic agreement with Terralliance Resources, Inc. (TRI) for joint development of the ARYS block, during the next three years.
Turan recently completed and interpreted 80 additional kilometers of 2D seismic data, and is preparing to shoot an additional 170 km of 2D seismic data. Turan has now shot a total of 780 km of 2D seismic lines over their ARYS Block in south-central Kazakhstan. Turan processed the acquired 2D seismic data for indications of hydrocarbons. This was done by the AVO analysis techniques of eSeis, Inc., a cutting edge seismic processing company located in Houston, Texas. Indications of hydrocarbons are seen on the seismic records.
Turan is preparing to drill its first oil wells in Kazakhstan later this year. Turan has further negotiated agreements with several drilling companies for future wells. Well plans and AFE for the planned wells is nearing completion.
Thus, with the seismic work and the preparation for drilling going well, Turan is optimistic that its efforts in Kazakhstan will yield good results.
Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Turan Petroleum, Inc. believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, as well as country and political risks, general market conditions, competition, oil and gas pricing, drilling programs and results. The forward-looking statements can be identified by the use of forward-looking terminology such as "may," "expect," "anticipate," "estimate," "continue," "believe" or other similar or similarly intended words. We have made forward-looking statements with respect to the following, among others: our goals and strategies; our ability to earn sufficient revenues to develop ARYS; our ability to continue as a going concern. Investors are cautioned that all forward-looking statements involve high risks and uncertainty, including without limitation, our limited operating history, the costs and risks of exploring and developing new oil and natural gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling of oil and natural gas wells, fluctuations in commodity prices, inconsistent application, interpretation, and enforcement of applicable Kazakh government taxes, and Kazakhstan Excess Profits Tax, currency exchange losses if Tenge depreciates against US Dollar, country and political risks, including diplomatic and political relations between US and Kazakhstan, costs arising from environmental liability, uncertain costs of drilling (oil producing fields located adjacent to ARYS, are not an indication that our drilling or related efforts will be successful), inability to drill wells that produce commercial quantities of oil and natural gas, shut-ins of connected wells resulting from extreme weather conditions, insufficient storage or transportation capacity or other geological and mechanical conditions, general market conditions, competition, oil and gas pricing, drilling programs and results, our future capital needs, etc.
For further information contact Turan Petroleum, Inc. Corporate Communications via email at info @ turanpetroleum.com
Contact: Naum Voloshin, COO
940 South Coast Drive, Suite 100
Costa Mesa, CA 92626
Email: info @ turanpetroleum.com
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