Lux Energy Prepares to Open Up "B" Well at its West Central Alberta Project
February 16 2010 - 8:00AM
PR Newswire (US)
CALGARY, Feb. 16 /PRNewswire-FirstCall/ -- Lux Energy Corp. (OTC
BB: LUXED), an oil and gas production and exploration company,
today announced that the operator of its West Central Alberta
project has informed the Company that "B" well on the property is
drilled, cased, equipped and tied into a production pipeline
awaiting fracture stimulation. There are two zones of interest in
this well that are targeted for production. The operator will
fracture stimulate both zones and the well will be produced on a
combined zone basis. To date, the well has had a preliminary series
of flow tests and it appears to be liquid rich flowing as high as
500 mcf/day and 9 bbls per hour liquid condensate. The fracture is
expected to occur within the next few weeks. In July, 2009, "B"
well was opened up and blew in at 580 mcf at 1000 psi with 9 bbls
fluids recovered within the first hour without a fracture. Despite
these positive results, economic conditions and energy prices at
the time did not make the well cost-effective. "B" well was
originally drilled 11 years ago and blew in at 1,000 mcf initially
after the 10 ton fracture. It was drilled to a depth of 1900 meters
where a glauconite zone was discovered. "Estimates for this well
point to an outstanding revenue stream for the Company," commented
Shane Broesky, President of Lux Energy Corp. "All parties agree
that the time is right to open up "B" well and we are eagerly
anticipating excellent results within the coming weeks." Lux Energy
Corp. is an oil and gas production and exploration company focusing
on developing oil and gas resources in North America. Further
information and news releases are available at
http://www.luxenergycorp.com/. "Safe Harbor" Statement: This press
release may contain certain forward-looking statements within the
meaning of Sections 27A & 21E of the amended Securities and
Exchange Acts of 1933-34, which are intended to be covered by the
safe harbors created thereby. Although Lux Energy Corp believes
that the assumptions underlying the forward-looking statements
contained herein are reasonable, there can be no assurance that
these statements included in this press release will prove
accurate. This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise. DATASOURCE: LUX
Energy Corporation CONTACT: Charles (Chuck) Tait, Lux Energy Corp.,
Toll-Free: 1-866-578-6022 or (403) 775-1730, Email:
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