CISCO, Texas, Dec. 9, 2005 (PRIMEZONE) -- Energy Finders, Inc. (Pink Sheets:EGYF) is pleased to announce that the Company's Joint Venture has completed Phase One and Two of its acquisition of oil and gas leases comprising a total of approximately 10,500 acres in Southwest Texas. The Joint Venture expects to acquire additional oil and gas leases for the Mega West Project.
Preliminary analysis of the Project Area indicates a large deposit of heavy oil at a depth of 1,000 to 1,200 feet in the Trinity Oil Sands. Marble Falls Reefs occur at depths of approximately 4,200 feet and contain abundant natural gas.
The aforementioned Trinity Oil Sands have a total thickness of more than 70 feet, over 65% oil saturation, 30% porosity and thousands of millidarcies of permeability.
Oil saturation can be figured at 25 million barrels of oil-in-place per 640 acre section. Comparable deposits can achieve 60% recovery of oil-in-place for steam flood projects. Natural gas deposits in the Marble Falls formation have been mapped in multiple reefs throughout the Prospect Area and are projected to produce a minimum of 250 million cubic feet (.250 BCF) of natural gas per well, based on previous production histories. A natural gas pipeline traverses the lease block.
At the completion of Phase Two acquisitions, a total of 10,500 acres has been acquired for the Mega West Project. Management is now preparing to run a survey to determine total possible reserves and locate additional gas and oil sands, which may exist. Phase Three, which is the acquisition of additional acreage, is presently being implemented within the Project's Area, and management anticipates drilling of wells to commence within the first half of 2006.
Currently, crude oil is priced at $59.70 per barrel with natural gas priced at $14.50 (according to Bloomberg.com on December 8, 2005 at 1:15 PM). Within the last four months, natural gas has doubled in price.
Randolph Hastings, President of Energy Finders, Inc. stated, "We are very excited about the direction the Company is headed. At this time, we have completed Phase Two of lease acquisitions, and intend to acquire additional acreage for the Mega West Project in the coming months. We plan to begin drilling during the first half of 2006, and with the rise in gas and oil prices, the Company's role as an independent becomes more and more exciting."
For more information, please contact Investor Relations at (973) 351-3868 for Stephen Taylor or visit our website at: http://www.energyfindersinc.com/
About Energy Finders, Inc.:
Energy Finders, Inc. is a U.S. based company dedicated to the goal of being a large independent in the exploration and production of oil and natural gas. The Company's mission is to create value for our shareholders by applying strong technical expertise to strategies that will unlock substantial oil and gas resources in areas where production can be achieved quickly and efficiently.
Forward-Looking Statement
The statements in the press release that relate to the company's expectations with regard to the future impact the company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.