CHEYENNE, Wyo., Dec. 6, 2005 (PRIMEZONE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD) reports that the drilling rig is now on-site at the Kerr 1-H Well located in Shelby County, Texas.
Aziz Hirji, President and Chairman, reports: "The Rig arrived on location Friday, November 25, 2005, and operations are underway. Upon completion of the drill pipe inspection, the well was spud successfully on Monday November 28, 2005 at 11:00 am. By Friday, December 2, 2005, drilling had reached a depth of 1972 feet and preparations to run a 9-5/8 inch casing to protect from formation collapse had begun.
We could potentially see initial production rates in the 200-400 barrels of oil per day range along with associated natural gas. Based on current market prices for oil and natural gas, Amelot Holdings expects to see a quick return on its investment."
Hirji, further stated: "We are pleased to announce that our company has decided to fully exploit the value of participating in non operating oil and gas projects at a more rapid pace by means of joint ventures. We have had good progress thus far in discussions with other interested parties and will update our shareholders on developments as they occur."
"We have a focused business plan, dedicated and loyal shareholders with attractive market opportunities. We will endeavor to take full advantage of all the opportunities in front of us to grow the company and improve profitability."
Further updates on the oil and gas drilling operations of Kerr 1-H will be announced soon. These updates can also be found at : http://www.amelotholdings.com/project/timelines.htm
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.
The Amelot Holdings, Inc. company logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2149