CLEVELAND, June 5, 2007 (PRIME NEWSWIRE) -- John D. Oil and Gas Company (OTC BB:JDOG) today announced it has commenced a planned 30 well drilling program in Lake, Geauga and Ashtabula Counties of Ohio, primarily targeting the Clinton Sands formation at depths ranging from 3,200 to 4,000 feet. These wells are expected to be completed and in production by the end of 2007 or first quarter of 2008. Gregory J. Osborne, President and COO, states that "while there is a shortage of drilling/completion contracting equipment in the Appalachian Basin, John D. Oil and Gas Company has secured long-term contracts with an affiliate company to provide these services, allowing us to be aggressive in our exploration efforts in the Basin during these advantageous commodity markets."
About John D. Oil and Gas Company
In conjunction with the name change from Liberty Self-Stor, Inc. to John D. Oil and Gas Company on June 27, 2005, the Company approved a change to its business plan to permit it to enter into the business of extracting and producing oil and natural gas products. The Company is actively drilling oil and natural gas wells in Northeast Ohio. The Company currently also retains one self-storage facility located in Painesville, Ohio. The Company recently sold the Gahanna, Ohio facility and may, if business and time warrant, sell the Painesville facility in the future.
Forward-Looking Statements
Certain matters discussed in this press release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors, including risks related to the Company's future business plans, that are beyond the Company's ability to control or estimate precisely. The Company cannot guarantee success under the new business plan as drilling wells for oil and gas is a high-risk enterprise and there is no guarantee the Company will become profitable. These and other risk factors are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-KSB, quarterly reports on Form 10-QSB and periodic reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.