SAN FRANCISCO, October 19 /CNW/ - Sun Cal Energy Inc. (OTCBB:SCEY), an
energy exploration company focused in the Southern San Joaquin Valley of
California, the Anadarko Basin of Oklahoma, the Breton Sound of Louisiana and
the Green River Basin of Wyoming, is pleased to announce that 7 new wells have
been added to its Centurion Property which has resulted in a 12% increase in
With a 5% Overriding Royalty Interest, the Centurion Property combines
more than 17,000 acres of producing oil and gas assets across Texas, Oklahoma,
Alabama, Louisiana and Mississippi. There are 160 producing wells on the asset
with more than 50 additional proven/undeveloped drilling sites. Current
production is comprised of 90% natural gas and 10% oil. Well operators include
companies such as Exxon, Kerr-McGee, Hunt Oil, Quicksilver and Vintex.
The addition of 7 new wells follows the recent development of the McMoran
well which has been placed in pay status with more than 40 MM cubic feet of
gas per day and $6 M of cash flow per month.
Lewis Dillman, President and Chief Executive Officer of Sun Cal Energy
Inc., states: "We are pleased that the drilling program of our Centurion
Property has continued to expand. With high activity levels and 15 operators
currently drilling on the property, we are beginning to realize cash flows. In
addition to the cash flows from our Hobart Prospect and a recent round of
financing, our financial condition has continued to strengthen as we continue
to expand our operations."
In addition to the new wells, there has been an increase of density
spacing. This will result in additional wells being added to the property,
thus a further increase in drilling activity and production.
As stated by Lewis Dillman: "We will continue to seek out high impact
opportunities in conjunction with major operators and thus source consistent
revenue streams or significant developmental upside as we aim to maximize
Shareholders and prospective investors are encouraged to visit Sun Cal
Energy's website: www.suncaloil.com and download Sun Cal Energy's Investor
Summary. Please feel free to call investor relations toll-free at
1-800-798-8334 to receive a full corporate investor's package.
About Sun Cal Energy Inc.
Sun Cal Energy Inc. is a publicly traded independent oil and gas
exploration company with headquarters in Calgary, Alberta, and an operational
office in San Francisco, California. Sun Cal Energy aims to secure and develop
a portfolio of oil and gas properties throughout America. The company is
strategically placed in the Southern San Joaquin Valley of California, the
Anadarko Basin of Oklahoma, the Breton Sound of Louisiana and the Green River
Basin of Wyoming. Sun Cal Energy Inc. trades under the ticker symbol: SCEY -
"Sun Cal Energy Inc. - Providing Energy Solutions to America".
On behalf of the Board
Lewis Dillman, President and CEO
Statements in this news release that are not historical facts are
forward-looking statements that 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, including, but not limited to, the Company's belief that Sun Cal
Energy Inc. can identify and successfully negotiate leases for oil and gas
properties in California, Louisiana, Oklahoma and Wyoming, and that the
Company can participate in the exploration of those properties. Actual results
may differ materially from those currently anticipated due to a number of
factors beyond the reasonable control of the Company. Additional information
on risks and other factors that may affect the business and financial results
of the Company can be found in filings of the Company with the U.S. Securities
and Exchange Commission.
For further information:
For further information: Sun Cal Energy Inc. Lewis Dillman Investor
Relations Toll Free: 1-800-798-8334 E-Mail to:firstname.lastname@example.org