CLEVELAND, Sept. 21, 2007 (PRIME NEWSWIRE) -- John D. Oil and Gas Company (OTCBB:JDOG) today announced that is has drilled twenty new wells so far this year. Ten wells are in production and ten more are in various phases of coming online. The Company had a slow start in the first quarter of the year with the lack of availability of a drill rig. During the second quarter, an affiliated company began drilling for us with their new rig. Additionally they have committed their rig for future drilling to the Company.
Gregory J. Osborne, the Company's President and COO stated, "The Company anticipates drilling ten more wells in the last quarter. We are moving quickly to achieve our goal of 30-35 new wells in 2007. It has been an exciting year, as we continue to grow our reserve base and add to our land lease inventory."
As previously disclosed, part of the Company's expansion program includes participating as the managing member and forty percent investor of a newly formed company, Kykuit Resources LLC. Kykuit Resources LLC. entered into a joint venture with Hemis, Ltd. on August 3, 2007. Since that date, the joint venture has purchased approximately 200,000 acres in the Montana Breaks area of Montana. The Company plans to begin drilling in Montana under this joint venture in early spring.
About John D. Oil and Gas Company
In conjunction with the name change from Liberty Self-Stor, Inc. to John D. Oil and Gas Company on June 27, 2005, the Company approved a change to its business plan to permit it to enter into the business of extracting and producing oil and natural gas products. The Company is actively drilling oil and natural gas wells in Northeast Ohio. The Company currently also retains one self-storage facility located in Painesville, Ohio.
Forward-Looking Statements
Certain matters discussed in this press release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors, including risks related to the Company's future business plans that are beyond the Company's ability to control or estimate precisely. The Company cannot guarantee success under the new business plan as drilling wells for oil and gas is a high-risk enterprise and there is no guarantee the Company will become profitable. These and other risk factors are detailed from time to time in the Company's SEC reports and filings, including its annual report on Form 10-KSB, quarterly reports on Form 10-QSB and periodic reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.