Fellowes Energy FLWE

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01.11.2007 15:11
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Fellowes Energy FLWE

Die Aktie läuft gut in den letzten Tagen gab es irgendwie News oder warum dieser Anstieg? Biggrin Bin dabei seit April 2007.Weiss jemand mehr,Gruss 8)

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01.11.2007 15:28
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Fellowes Energy FLWE

Ja die gibts, zum Beispiel hier

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Fellows Energy Signs Agreement to Acquire Three Oil and Gas Projects and Engages New Management Personnel

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© Business Wire 2005

2007-10-30 19:46:48 -

- Fellows Energy Ltd. (OTCBB: FLWE)("Fellows"), an early stage oil and gas company focused on exploration and production of natural gas and oil in the Rocky Mountain Region, announced today that it has entered into an agreement, subject to financing, to acquire interests owned by Dolar Energy, L.L.C. and Cochrane Resources, Inc. in the Pinedale Anticline in Wyoming, and in

the Divide Field and the proposed Wilkens Ridge Waterflood Unit in the Uinta Basin in Utah. Fellows also announced that it will appoint Mark S. Dolar as President and Chief Operating Officer and as a Director, Ken Allen as Field Operations Manager and as a Director, and Brooke Horspool as Chief Financial Officer in connection with the transaction.

Under the agreement, Fellows intends to purchase Dolar's 25% working interest in a 2,400-acre leasehold along the world class Pinedale Anticline in Sublette County, Wyoming for a total purchase price of $187,500. The acreage is situated between and around two completed wells with project reserves between 6-10 BCFG per location from the Lance formation. Since 1999, the Pinedale Anticline has become the second largest producing gas field in the United States, with field production of 0.7 BCFG per day, and cumulative production of over 0.6 TCFG, almost all of which has been produced since 1998. Projected recoverable reserves are in excess of 26 TCFG for the field. The acreage being acquired has potential for 16-32 wellsites. The major operators in the area include EnCana Oil & Gas; Ultra Resources, Inc.; Shell Rocky Mountain Production LLC; and Questar Exploration and Production Co. Fellows will commit to drilling at least one 14,000 foot well in 2008, with anticipated costs exceeding $6 million per well (on a 100% basis).

The agreement also calls for Fellows to purchase the 24% interest owned by Dolar/Cochrane in the two well Divide Field along with a 4,500 acre lease block of private, state and federal leasehold in Uintah and Grand Counties, Utah. The Divide Field currently produces approximately 1 million cubic feet of gas per day from the Cedar Mountain and Dakota horizons, and Fellows believes an additional 16-32 wellsites are possible on the acreage, with average reserves of 1-2 BCFG per well. In addition to the producing horizons, the Mancos, Entrada and Morrison formations are also prospective. The field is a 2005 new field discovery by Dolar/Cochrane and lies along the San Arroyo gas complex which has produced over 150 billion cubic feet of gas from 106 wells. Fellows will use its best efforts jointly with Dolar to finance the $2.4 million acquisition, and plans to drill at least two new wells and participate in a 3-D seismic program in 2008.

Also included in the agreement is the acquisition of a majority interest in three producing oil wells from Cochrane for a total purchase price of $510,000, and Fellows will propose to form the Wilkens Ridge Waterflood Unit in the Uinta Basin in eastern Utah. If the unit is approved by the working interest owners, Fellows will own approximately a 35% working interest in the proposed 1,280 acre unit. Plans for the project are to drill five additional wells and commence a waterflood project in the Green River formation. Together with current production from the three producing wells being acquired, the waterflood is projected to produce over 200 barrels of oil per day, with drilling costs of $750,000 per well. Fellows believes that over time an additional 8-16 wellsites can be included in the waterflood with potential for reserves of over 120,000 barrels of oil per well.

The agreement allows for financing of the acquisitions through the use of royalty financing, joint venturing, or through financing in connection with a potential merger between Fellows and another company, to be sought jointly by Fellows and Dolar. A successful merger or joint venture financing would carry with it the opportunity for capital funding for drilling programs on the newly-acquired projects, up to a total of $8 million in the second half of 2008, in addition to the retirement or restructuring of Fellows' convertible debentures.

Mark S. Dolar, CPL/ESA, a Business/Geology graduate from Rocky Mountain College, will oversee the company's operations, financing, asset development, and regulatory compliance. Mr. Dolar will also lead the Company's exploration and development team. With twenty six years of experience as an independent in the oil and gas industry, Mr. Dolar has operated and managed several limited liability companies, including Dolar Energy, L.L.C. Mr. Dolar began his career as consultant to industry members and has assisted several industry members in locating and developing reserves throughout the Rocky Mountain region, including River Gas Corporation's Drunkards Wash field (estimated 2 TCFG reserves); Wolverine Gas and Oil Corporation's recent Hingeline discovery in the Utah Overthrust, with estimated reserves of over 10 million barrels of oil; and Williams Production Company's acquisition into the Jonah field (estimated 10-30 TCFG). Mr. Dolar has served as the Chairman of the Utah Petroleum Association, has established industry-BLM work groups in Utah and Nevada, and has represented the industry as a member of the task force re-writing the regulations for Utah State Lands. Mr. Dolar is also a contributing author to several articles concerning oil and gas land practices and public access issues.

As Managing Member of Dolar Energy, L.L.C, Mr. Dolar initiated the discovery of the Atlantic Rim CBM prospect in the eastern Washakie Basin of southern Wyoming, with projected reserve estimates of over 3 TCFG. Reserves will be produced from the field by the current operator, Anadarko Petroleum Corporation, who has described the field as one of its premier developments in the Rockies. Dolar also initiated the concept and drilled the discovery wells in the Divide field, was in the early development of the Rulison Field in the Piceance Basin of Colorado and participated in several field discoveries in the Paradox Basin of southeastern Utah and the Green River Basin in western Wyoming.

Ken Allen is President of Cochrane Resources, Inc., a Roosevelt, Utah Operator. As an Engineering graduate of Montana School of Mines and Technology, Mr. Allen will serve the Company as Supervisor of Drilling and Production Operations. He has the technical expertise to oversee all drilling activity for the Company. Prior to the founding of Cochrane in the early 1980's, Mr. Allen gained engineering experience with Marathon Oil Company, Kissinger Petroleum, and Page Petroleum. His areas of expertise include the Rocky Mountain basins and western Canada.

Cochrane has focused on operations in the oil fields of the Uinta and Paradox Basins of eastern Utah. For the past twenty years, Cochrane has specialized in acquiring stripper status wells and improving production rates. Cochrane manages the operations of sixteen wells producing over 13,000 barrels of oil annually. Led by Mr. Allen's activities, Cochrane is credited for initial discoveries in the Coyote Basin and Monument Butte fields in eastern Utah. A highly respected drilling engineer, Mr. Allen has spent much of the past twenty years supervising drilling ventures for several clients.

Brooke Horspool is a practicing CPA in the state of California. He is currently partner at Horspool & Company where he specializes in financial and tax compliance. Previously, he served six years as an auditor with PricewaterhouseCoopers auditing many public and private companies. Mr. Horspool received a B.S. degree in accounting from the University of Utah. Fellows believes his experience and working knowledge in all aspects of SEC reporting will add great value to the management of the Company.

"We are excited at the prospect of acquiring additional producing assets," said Fellows' CEO, George Young. "We have been able to successfully restructure our asset base by dropping some of our early-stage exploration properties and selling our interest in the Carbon County project to enable us to pay down on our debts. Entering into a joint venture or other business combination to move forward with these new projects would enable us to significantly improve our capital structure. Just as importantly, the addition of Mark Dolar, Ken Allen and Brooke Horspool to our ranks will bring significant experience to our management team and enable us to more effectively execute our business plans."

About Fellows Energy

Fellows is an early stage oil and gas company led by an experienced management team focused on exploration and production of natural gas and oil in the Rocky Mountain Region using traditional and new technologies. For additional information please go to www.fellowsenergy.com.

Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission ("SEC") permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as probable, possible and potential, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB, File No. 0-33321, available from us at 370 Interlocken Boulevard, Suite 400, Broomfield, Colorado 80021. You can also obtain this form from the SEC by calling 1-800-SEC-0330.

Examples of such disclosures would be statements regarding "probable," "possible," or "recoverable" reserves among others.

Management hopes these transactions will bring additional value to the shareholders of Fellows Energy. There is no guarantee that the projects that Fellows has recently acquired will increase the value of its shares of common stock, or that Fellows will acquire rights to explore and operate any other such projects, or that in the event that it acquires rights to explore and operate other such projects, that these actions will be successful or increase the value of Fellows' common stock.

This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause our expectations and beliefs about our plans to acquire additional exploration or production properties, our plans to drill or our drilling results to fail to materialize: competition for new acquisitions; availability of capital; unfavorable geologic conditions; the complexity of coal bed methane exploration and production; and prevailing prices for natural gas and general regional economic conditions. Fellows assumes no obligation to update the information contained in this press release.

Fellows Energy Ltd.

George S. Young or Shane Reeves

303-926-4415

or

Investor & Public Relations:

Charles A. Moskowitz, 781-826-8882

cm@focuspartners.com

Die Firma mit dem Kürzel FLWE heisst eigentlich "Fellows Energy", teilweise wird sie aber falsch als "Fellowes Energy" benamst. Zb vom Cash...