CHICAGO, Nov. 23, 2004 (PRIMEZONE) -- American Stellar Energy, Inc. (Pink Sheets:AMRS): The Company is pleased to report its monthly production from the Corsicana Texas Development project has increased from 224 barrels of oil for the previous 30 day production period, to 994 barrels of oil for the last 30 day production period.
Mr. Francis Biscan Jr., President of American Stellar Energy stated; "With oil production reaching this magnitude, and with over 90% of the Project's development in front of us, we believe our company has achieved a significant level of stability with the ability to grow revenues exponentially."
The company is currently evaluating a number of new projects that would be expected to provide the company with an even larger growth scenario and add some project depth. Our focus is on low risk, development type prospects, which have the ability to achieve short term payback and long term growth.
The company is also pleased to announce the addition of Mr. Clifford A Brown, who has joined the company in the position of CFO and director. Mr. Brown is a practicing CPA, who has worked as an auditor for Arthur Andersen & Co and since 1989 has managed his own accounting software sales and consulting company, Clifford A. Brown and Co., a Certified Microsoft Partner, in which he continues as president.
Due to continued rain in the Corsicana area over the last couple of weeks, the operators have not been able to service the second well and deliver an official IP rate. The well continues to produce oil to tanks and will be flow tested as soon as possible.
Currently, 20 to 50 addition wells could be drilled on the existing acreage. American Stellar Energy intends to fully develop its interests in this prospect.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above.