HOUSTON, Jan. 9, 2006 (PRIMEZONE) -- Falcon Natural Gas Corp. (OTCBB:FNGC) announced today that the first well in its multiple prospect project in Live Oak County, Texas, reached total depth on January 4, 2006, and is being cased for completion.
The Mary Lyne #1 well reached a total depth of 6,500 feet and has been logged and evaluated; casing has been run for completion operations. Falcon Natural Gas Corp., along with Bayou City Exploration, Petro Resources Inc., ORX Resources Inc. and Infinity Oil and Gas (Nevada) have all elected to participate in the completion, which will commence as soon as a completion rig is contracted.
The Live Oak Prospect comprises 3,734 gross acres. Falcon Natural Gas Corp. has a joint development agreement with its partners to jointly develop multiple prospects on the project acreage. Based on their analysis of available data, the partners expect that when fully developed the entire project area could potentially hold as much as 100 BCF(a) and 1 MMBO,(a) with a total estimated gross value of $700 million.
Falcon Natural Gas Corporation, based in Houston, is a natural gas exploration company focused on the acquisition and exploration of commercial prospects in onshore areas of the USA. For additional information visit www.falcongas.com.
Bayou City Exploration, Inc. is an oil and gas exploration firm focused in proven geologic trends in east Texas, the gulf coast of Texas and Louisiana. Based in Houston, Texas, Bayou City leverages its management team's long experience and multidisciplinary expertise in applying advanced 3-D seismic analysis, 3-D processing algorithms, amplitude attribute and imaging technologies to reduce the drilling risks by identifying the presence of economic hydrocarbons. The company's database has more than 7,200 square miles of 3-D data, most of it covering Bayou City's focus area, as well as 13,000 miles of 2-D data.
(a) BCF= billion cubic feet
This news release may include forward-looking statements, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements contained herein.