FARMINGTON, N.M., Aug. 16, 2006 (PRIMEZONE) -- WW Energy Inc. (Pink Sheets:WWNG) announced today that its subsidiary, WW Oil & Gas Inc., has added two additional oil production properties to be included in its LOI agreement, as previously announced with Success Oil of California. The properties are located in the Gray Gulch field in Borden County, Texas.
Past production tests have shown the "Kloh #9" producing 312.6 BBLS of oil per day with 261 MCF Natural Gas per day.
The second property, the "Gray" has previous production tests showing 220 BBLS of oil per day with 57.7 MCF Natural Gas per day. With 240 acres and multiple pay zones, WW Oil & Gas is planning to maximize these properties to their full potential.
The LOI, which is to close within a 4-6 week due diligence period, identifies the Tubb Lease Oil and Gas Project, operated by Success Oil Company and located in the Crawar Field in Ward County, Texas, as the acquisition target. WW Oil & Gas has already forwarded an initial deposit to Success Oil Company and has committed to commence work on a first well for re-completion within the due diligence period.
Additional information regarding the Letter of Intent is available from the August 4, 2006 WW Energy Inc. press release.
WW Energy Inc. is a holding company that was created to acquire oil and gas service companies as well as oil and gas-related assets through two wholly owned subsidiaries.
WW Oil & Gas Inc., established in 2005, is in the business of acquiring leases and oil and gas-related assets. Such acquisitions are for the purposes of development, exploration, and exploitation. The company currently has exploitation projects in Texas, Utah and New Mexico. Comprehensive drill programs are being developed for full exploitation of these projects.
WW Trucking Inc., formed in 1999, is a leading oil and gas services company for the oil field services industry in Utah, Colorado, New Mexico and Arizona (The Four Corners Area). Their existing business operations are in transporting fresh production water for oil drilling/exploration and waste water for disposal. They also provide services for heavy hauling of drilling and well equipment needed in the oil and gas production and exploration industry.
Forward-Looking Statements
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that WW Energy Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties, including but not limited to, the fact that no assurance can be given that any proposed acquisitions will be consummated at all.