LOS ANGELES, July 19, 2005 (PRIMEZONE) -- LiteWave Corp. (OTCBB:LTWV) is pleased to announce that it is nearing the completion of its project to install a supplementary pipeline from its leasehold property in Bourbon County, Kansas to hook up the gas production from eleven wells for delivery and sale into the main natural gas transmission pipeline.
These eleven shallow gas wells have been tested with sustainable daily production volumes ranging between 25,000 cubic feet and 75,000 cubic feet. It is anticipated that initial production flow will average in excess of 250,000 cubic feet per day.
LiteWave Director and Project Administrator, Edward Duncan, states that at this level of production from the eleven wells, the Company has been able to economically justify the construction costs for the supplementary pipeline to hook up this gas production for delivery and sale into the main natural gas transmission pipeline. With natural gas prices at today's high level, and forecasted to remain strong for the forseeable future, Mr. Duncan calculates that the Company should be able to recoup its capital investment of approximately $350,000 for building the pipeline in less than eight months.
LiteWave is continuing its acquisition of leasehold acreage in the region, and expects to commit to additional wells beyond the first eleven over the next few months.
About LiteWave
LiteWave (OTCBB:LTWV) is a oil and gas company that is focusing its current efforts on the development of natural gas prospects located in the United States.
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by LiteWave Corp.) contains statements that are forward looking, such as statements related to the future anticipated direction of the oil and gas industry, plans for future expansion, various property development activities, planned capital expenditures, future funding resources, anticipated production and reserves growth. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated