SPOKANE, Wash., March 25, 2004 (PRIMEZONE) -- QMAC Energy, Inc. (Pink Sheets:QMCE), a Nevada corporation with a gas well development program and producing wells in Montana, (American Energy for America) announces it will fund a 25% participation in drilling a recently permitted well in Pondera County, Montana. Drilling is expected to commence within 2 weeks. This field (Pondera County) has recently been approved for infield drilling as the well spacing was changed from one well per 640 acres, to one well per 160 acres. QMAC Energy's operator has recently completed a gathering system to this area.
Gas prices remained strong in the $5.50 per mcf (thousand cubic feet) range as natural gas remains in short supply. QMAC's management expects high gas prices throughout the summer. The replacement of large cold weather consumption of US storage reserves continues to be hampered by declining domestic gas production and an unexpected drop in Canadian production (the largest source of natural gas imports for America) causing a sharp decline in natural gas available for US markets.
Safe Harbor Statement:
This news release may include forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements herein.