ATLANTA, Dec. 4, 2006 (PRIME NEWSWIRE) -- Knight Energy Corp. (Pink Sheets:KNEC) is pleased to announce that it has successfully completed its Natural Gas Well A-8 on the company's 160-acre property in Stephens County, Texas. Previously, the Company announced the successful completion of its A-7 Well on the same property. Similar to the A-7 Well, the A-8 Well was completed at the top of the Barnett Shale or approximately 4,200 feet. Knight is now in the process of reducing the (Frac) water and formation water in order to enhance production of the well.
Knight is encouraged about the production possibilities due to the high level pressure readings that it is receiving from both the bottom and the back side of the A-8 Well. Knight anticipates making further announcements regarding the progress relating to both the A-7 and A-8 Wells.
William J. Bosso, Chief Executive Officer of Knight Energy Corp., commented, "We are very excited about the continued progress being made at our Texas property."
About Knight Energy Corp.
Knight Energy Corp. (Knight) was formed on March 2, 2006 for the purpose of operating and developing energy related businesses and assets. Also, in March 2006, Knight acquired control of an independent oil and gas services company, Charles Hill Drilling, Inc., that owns an oil and gas lease that covers 160 acres in Stephens County, Texas. Charles Hill Drilling, Inc. also owns a drilling rig and other oil and gas equipment. Through a subsequent transaction, Knight increased its ownership to 100% of Charles Hill Drilling, Inc. Knight is currently managing the drilling rig and intends to use it to drill wells for the Company's account, including initially drilling on its 160-acre Stephens County lease.
Knight is currently reviewing further acquisitions and investments in the oil and gas industry as well as other energy related businesses and assets. Additional information can be found by visiting its website at www.knightenergycorp.com .
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining oil and gas prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.