HOUSTON, March 20, 2006 (PRIMEZONE) -- Falcon Natural Gas Corp. (OTCBB:FNGC) with WhitMar Exploration Company and other partners will drill and develop the Deweyville prospect.
The Deweyville Prospect is located 25 miles northeast of Beaumont, Texas, and is situated in the down-dip section of the Yegua Trend. This prospect is defined by subsurface mapping and integration of 3D seismic data. Conservative Project economics for 3 wells were run on a combined 9 BCF of gas and 3,000,000 barrels of oil (or 27 BCF equivalents). However, nearby analogue fields and volumetrics suggest that up to 40 BCF and 14,000,000 barrels of oil (or 110 BCF equivalents) can be recovered
Falcon Natural Gas Corp. has purchased 16% of the working interest in this prospect. Falcon also will pay 16.00% of all well costs and G&G costs, third party prospect fees, land brokerage costs, lease bonus and all other similar costs of the prospect.
The drilling area in East Texas & West Louisiana was chosen because of its location within one of the larger natural gas producing areas of North America. The comprehensive infrastructure and enormous industrial resources make it an ideal drilling area.
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 more information visit www.falcongas.com.
Founded in 1979, WhitMar Exploration Company is a private energy company with offices in Denver, Colorado and Houston, Texas. The company is actively engaged in the drilling and development of natural gas and oil prospects in the continental United States, with primary focus on natural gas in the Mid-Continent, Rocky Mountain, and Gulf Coast regions. http://www.whitmar.com/index.htm