Energas Resources, Inc. today announced that it has executed final closing documents with Mammoth Resource, LLC, Cave City, KY to sell the company's natural gas property in Pulaski County, Kentucky. This sale includes all wells, leases and gathering systems in Pulaski County, KY. Energas management intends to use the proceeds from this sale to retire all of the company's indebtedness. Excess proceeds will be used to develop the company's other properties. Further announcements will be forthcoming.
Safe Harbor Statement
When used in this press release, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well.
Contact:
Energas Resources, Inc.
Scott Shaw, 405-879-1752
Source: Energas Resources, Inc.
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