Domestic Energy Announces Appalachian Shale Plan
April 28 2008 - 8:00AM
Marketwired
HONEOYE FALLS, NY , an independent oil and gas exploration and
development firm, announced here today it plans to become one of
the early participants in the new Chattanooga Shale natural gas
development in Tennessee.
"Domestic Energy has people in the gas fields of Tennessee
today, launching its bid to become one of the large independents
operating in the state," said Larry Hillabrandt, President,
Domestic Energy Corp.
"We will initially focus on acquiring existing wells and shale
leases, then begin the construction of a gas gathering system and
finally putting the newly acquired and drilled wells into
production for oil and gas," he added.
"We believe that the Chattanooga Shale on the Cumberland Plateau
in Tennessee will prove to be as economically productive as the
Barnett Shale in Texas and the Marcellus Shale, that stretches from
New York through West Virginia," he added.
"Last year, Consol Energy, Inc. drilled the first horizontal
well in the region that had initial production of 3.9 MMCF of gas
per day. That put the energy industry on notice that the
Chattanooga shale is, in fact, an economically viable source of
natural gas.
"There are several advantages to producing the Chattanooga
Shale," Larry Hillabrandt noted. "The Chattanooga Shale is
substantially shallower than the Marcellus, and Barnett shale with
the Chattanooga shale being only about 1,500 to 2,000 feet deep.
"In addition we feel the greatest advantage for us is that there
are more than 1,000 abandoned and shut in gas wells in Tennessee
that can be recompleted in the shale. We expect to acquire several
hundred of these wells at a cost of well below what it would cost
to drill new wells. This will be a substantial savings, and give us
a competitive advantage we need," he added.
Industry sources believe the Tennessee Chattanooga shale gas
play could eventually encompass 6,000 square miles and contain 5
trillion cubic feet of recoverable natural gas.
This Press Release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934. A statement identified
by the words "expects," "projects," "plans," "feels," "anticipates"
and certain of the other foregoing statements may be deemed
"forward-looking statements." Although Domestic Energy Corp.
believes that the expectations reflected in such forward-looking
statements are reasonable, these statements involve risks and
uncertainties that may cause actual future activities and results
to be materially different from those suggested or described in
this press release. These include risks inherent in the drilling of
oil and natural gas wells, including risks of fire, explosion,
blowout, pipe failure, casing collapse, unusual or unexpected
formation pressures, environmental hazards, and other operating and
production risks inherent in oil and natural gas drilling and
production activities, which may temporarily or permanently reduce
production or cause initial production or test results to not be
indicative of future well performance or delay the timing of sales
or completion of drilling operations; risks with respect to oil and
natural gas prices, a material decline in which could cause the
Company to delay or suspend planned drilling operations or reduce
production levels; and risks relating to the availability of
capital to fund drilling operations that can be adversely affected
by adverse drilling results, production declines and declines in
oil and gas prices and other risk factors.
For additional information: DomesticEnergyCorp.com Larry
Hillabrandt Email Contact
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