SALT LAKE CITY, Aug. 18, 2004 (PRIMEZONE) -- Publicly traded Omega Ventures Group Inc. (OTCBB:OMGV) subsidiary Western Gas Corporation reports on gas drilling programs.
The BB Gayle No. 1 well at Manahuilla Creek in Goliad County, Texas was perforated from 6141 to 6147 feet and tests showed no recoverable gas at that level. The recent dipole sonic log shows gas formations further up at 5310-5334 feet and 5340-5360 feet. It is the engineering recommendation to perforate the zone from 5323 to 5350 feet. It is anticipated this zone will be perforated within the week.
Western Gas Corporation has recently signed a new drilling program with PB Energy Partners (The Operator) which is a multi-zone prospect in McMullen County, Texas. The property consists of 947 acres within the field which includes two currently producing wells that have excellent re-entry potential for a horizontal drilling program. Operations are planned to begin before the end of September.
"Current world consumption of 80 million barrels a day may hit 120 million daily by 2030, according to the International Energy Agency. If there weren't enough oil to meet such demand, global growth would have hobbled.
"The price of crude oil has rocketed in recent months to $46 a barrel amid terrorism fears, Iraqi instability, China's growing demand and the legal imbroglio ensnaring Russian oil giant OAO Yukos. High oil prices are weighing on the U.S. economy, apparently contributing to disappointing job growth and prompting consumers to curtail their spending."
High priced energy costs are here to stay. Omega will continue to seek out worthwhile energy projects to invest in until we can establish a revenue stream.
Updates will be released as work on these programs progresses.
By the Board of Directors
Omega Ventures Group Inc. Western Gas Corporation. Investor Relations, Roger Reynolds Suite 1600, 136 East South Temple Suite 1600, 136 East South Temple Salt Lake City, Utah, 84111 Salt Lake City, Utah, 84111 Tel: 801.363.2599 Tel: 801.363.2599 www.OmegaVenturesGroup.com
The foregoing contains forward looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the foregoing, such works as "may", "will", "believes", "anticipates", "estimate", "continue", or comparable terminology intends to identify forward looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors, including but not limited to, the successful negotiation and execution of the definitive acquisition agreement and receipt of certain exhibits and schedules requested by Omega Ventures Group, Inc.