HOUSTON, Dec. 10, 2007 (PRIME NEWSWIRE) -- JR Oil & Gas, Inc. (Pink Sheets:GBLK) has secured a lease of 121 acres in Wharton County, Texas. The company, via 3-D seismic data, has discovered a shallow pocket or "bright spot" as an indicator that hydrocarbons exist on this location. JR Oil & Gas is purchasing the 3-D seismic data from Seitel Data, Ltd.
The prospective drilling site is located in a prolific Texas natural gas system. This area is known for its abundant hydrocarbons. The drilling depth of the prospective well will be shallow, approximately 3500 feet in total depth. We are pleased to have the scientific data and experienced geologist analysis to base our decision to drill this location. This decision is extremely cost efficient. We are fulfilling our objectives and staying true to our plan of business and strategy. The well could yield a significant reserve of potential Natural Gas. We intend to begin drilling very soon; we anticipate having a rig on site within 120 days.
About The Prolific Wharton County Region
Over all Wharton County is a major producer of natural gas in the region, with over 835,902,402 million cubic feet (MCF) of GW gas produced since 1993. Wharton County has also seen major oil production during this period.
Further information about JR Oil & Gas is available on the company's website: www.jroilandgas.com
Forward-Looking Statements: Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) changes in the regulatory and general economic environment; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the company's revenue and/or cost and expenses, such as increased competition, lack of qualified marketing, management or other personnel, and increased labor and inventory costs; (iv) changes in technology or customer requirements, which could render the company's technologies noncompetitive or obsolete; (v) new product introductions, product sales mix, and the geographic mix of sales.