Armada Oil Announces Commencement of Drilling on the Bear Creek #1
July 30 2014 - 2:02PM
Business Wire
Armada Oil, Inc. (the “Company”) (OTCBB: AOIL), an oil
and gas exploration and production company, today announced that it
has commenced drilling the Bear Creek # 1 well in Carbon County,
Wyoming.
The Bear Creek #1 will be drilled to a total vertical depth of
approximately 8,457 feet to test a number of deep conventional
zones with significant potential as well as to gain valuable
information on the quality and potential of the Niobrara Shale on
the project acreage. The Company holds a 100% working interest in
the project and expects drilling time to be approximately 15 days.
As a result of the commencement of drilling, we have complied with
our drilling obligations under the farmout agreement with Anadarko
and, thus, retain our rights to the balance of the farmout
acreage.
The Anschutz Ranch #1 well, which is located about 3/4ths of a
mile southwest of the Bear Creek #1 location, has produced
approximately 970,000 barrels of oil out of the Sundance on a
subsurface structure that shows similar traits to the Bear Creek #1
target.
“We are pleased to be getting this project underway and look
forward to a successful effort,” said Randy M. Griffin, CEO of
Armada Oil, Inc.
The Company also announced that it has sold its remaining
acreage position in Oklahoma in order to focus on its Kansas and
Wyoming projects as well as to continue to pursue additional
producing property acquisitions.
About Armada Oil, Inc.
Armada Oil, Inc. (OTCBB: AOIL), headquartered in Dallas, Texas,
is a growth-oriented oil and gas Exploration and Production
(E&P) company with a focus on growing reserves and net asset
value per share, primarily through the acquisition, development and
enhancement of multiple onshore oil and natural gas producing
properties as well as the development of highly diversified
developmental drilling opportunities, both conventional and
unconventional. The Company currently has producing oil properties
in Plaquemines and Lafourche Parishes in Louisiana and in Woodson
County, Kansas. In addition, the Company has developmental
properties in Wyoming County, NY and controls a strategic acreage
position in southern Wyoming in the liquids-rich Niobrara Play.
More information about Armada Oil may be found at
http://www.armadaoil.us.
Forward-Looking Statements
Certain statements in this news release, which are not
historical facts, are forward-looking statements. These statements
are subject to risks and uncertainties. Words such as "expects",
"intends", "plans", "may", "could", "should", "anticipates",
"likely", "believes" and words of similar import also identify
forward-looking statements. Forward-looking statements are based on
current facts and analyses and other information that are based on
forecasts of future results, estimates of amounts not yet
determined and assumptions of management. Actual results may differ
materially from those currently anticipated due to a number of
factors which may be beyond the reasonable control of the Company,
including, but not limited to, the Company’s ability to locate and
acquire suitable interests in oil and gas properties on terms
acceptable to the Company, the availability and pricing of
additional capital to finance operations and leasehold
acquisitions, the ability of the Company to build and maintain a
successful operations infrastructure, the Company’s ability to
integrate acquired assets, the intensity of competition and changes
and volatility in energy prices. Readers are urged not to place
undue reliance on the forward-looking statements, which speak only
as of the date of this release. We assume no obligation to update
any forward-looking statements in order to reflect any event or
circumstance that may arise after the date of this release.
Additional information on risks and other factors that may affect
the business and financial results of the Company can be found in
the filings of the Company with the U.S. Securities and Exchange
Commission at www.sec.gov.
Armada Oil, Inc.972-490-9595investorrelations@armadaoil.us