CHEYENNE, Wyo., Aug. 30, 2005 (PRIMEZONE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD) today announced that it has signed a letter of intent with CG Operating, Inc. of Austin, Texas (http://www.cgoperating.com) to purchase Ten Percent (10%) of the Kerr 1-H Well in Shelby County, Texas with an extended option to acquire an additional Five Percent (5%).
The well that will be drilled is on acreage acquired from Marathon Oil Company within the D. Gonzales Survey, A-237 and the Wm. Kerr Survey, A-402 in Shelby County, Texas. The well prognosis calls for +/- 3200 foot updip lateral to be drilled NNE from the penetration point.
Potentially the well, which will be drilled down dip from existing production, could see initial production rates in the 200-400 Barrels of Oil per day range along with associated gas.
"We have now identified another viable project which provides a substantial growth opportunity and maintains our lower risk strategy," commented Aziz Hirji, Chairman of Amelot Holdings, Inc.
A definitive Exploration and Participation Agreement and Joint Operating Agreement are forthcoming.
About Amelot Holdings, Inc.
Amelot Holdings, Inc. is a diversified holding company focused on acquiring under-valued, high-growth firms and properties in the natural resource industry.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.