Emvelco Announces That Subsidiary Davy Crockett Gas Company Hits Gas From Drilling Of First Well
LOS ANGELES--(BUSINESS WIRE)--Emvelco Corp. (OTCBB:EMVL) announced this week that the first well drilled by its wholly owned subsidiary, Davy Crockett Gas Company, LLC (the "Company") in collaboration as a joint venture with Vortex Ocean One, LLC (as reported by the Company on Form 8–K on July 8, 2008), has successfully hit natural gas at a depth of 4,783 feet. The Company commenced the drilling of its first well in the Wolfcamp Canyon reservoir through operator Ozona Gas Group, LLC ("Ozona"). Due to this success with the first well, the Company will commence drilling on its second well on or about August 1, 2008. The Company plans to drill at least four (4) wells within the next two months and put them into production, if successful. The Company has an inventory of at least 86 drilling locations of which 48 are identified as Proved Undeveloped (PUD) and the rest as Probable.
Yossi Attia, Chief Executive Officer of Emvelco Corp. stated that, "Emvelco Corp., its affiliates and management are very excited about this wonderful news and we plan to vigorously pursue the drilling of the rest of our inventory. This is the first step towards meeting the Company's goal of optimizing the resources in its assigned drilling rights so as to maximize an investment return to the Company, its parent entity, Emvelco Corp. and Emvelco Corp.'s shareholders."
Founded in 2008, the Company is a growing independent oil and gas company based in Bel Air, California. The Company is engaged in the development, production and marketing of natural gas and oil. Its operations are focused in West Texas where it intends to be a producer of oil and natural gas with competitive finding and development costs. Emvelco Corp. acquired the Company as part of its strategic acquisition plan and strategy as an emerging company that focuses on innovative transactions and structures.
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause Emvelco Corp.'s actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
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