MIDLAND, Texas, July 15, 2010 (GLOBE NEWSWIRE) -- Doral Energy Corp. (OTCBB:DRLY) ("Doral" or "the Company") announced today that it has closed on an additional 960 acres adjacent to its existing production located within Southeastern New Mexico. The acreage is comprised of three leases with a total of 17 wellbores and 1 salt water disposal well. Of the 17 wells, 4 wells are currently shut in. Current exploitation opportunities include both infill drilling as well as re-work candidates.
Management Comments
E. Will Gray II, Chairman & CEO of Doral, states, "Management is pleased to close on this acquisition as it allows Doral the ability to 'fill in the gaps' in certain sections that will be crucial for future secondary recovery patterns. Within this latest acquisition, Management is immediately working to identify both work-over and re-frac candidates to enhance daily production."
About Doral Energy Corporation
Doral Energy Corp. (OTCBB:DRLY) is an oil and gas exploitation and production company headquartered in Midland, Texas. Doral Energy Corp.'s strategy is to grow a portfolio of under-developed production and exploitation assets with the potential for generating near-term increases in existing production through operational improvements, and longer-term development of proved undeveloped reserves by infill drilling. Doral focuses on identifying acquisitions that generate immediate cash flow from production, but which also have strong proved developed non-producing and proved undeveloped reserves that can be tapped for significant growth. The prolific Permian Basin of Texas and New Mexico is the geographic region of focus for the Company's future acquisition activity.
Forward Looking Statements
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, this news release contains forward-looking statements that are not historical facts and are subject to risks and uncertainties. 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. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. In particular, there is no assurance that Doral will be able to further increase shareholder value or increase market capitalization due to either unforeseen markets conditions or the possibility of dilution in order to execute upon the Company's business model. Additional information on risks for the Company can be found in the Company's filings with the US Securities and Exchange Commission.