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Fidelis and Partners Spud #1-A Lepovitz Gas Unit Well, Hidalgo Texas Fidelis and Partners Spud #1-A Lepovitz Gas Unit Well, Hidalgo Texas BW5432 FEB 28,2005 6:03 PACIFIC 09:03 EASTERN ( BW)(AZ-FIDELIS-ENERGY)(FDEI) Fidelis and Partners Spud #1-A LepovitzGas Unit Well, Hidalgo Texas Business Editors/Energy Editors TUCSON, Ariz.--(BUSINESS WIRE)--Feb. 28, 2005--Fidelis Energy,Inc. (OTCBB:FDEI), today is pleased to announce that the Company hasbeen informed by the operator Miramar Petroleum, Inc. that drillinghas commenced on the Hidalgo Project, Texas. The 7,500 foot "#1-ALepovitz Gas Unit" natural gas well was spudded today and is drillingahead. Fidelis and Miramar anticipate the drilling and well completion totake approximately two weeks. Fidelis has signed a Lease Purchase and Development Agreement andJoint Operating Agreement with Miramar to acquire a 50% workinginterest in the Hidalgo Prospect located in Hidalgo County Texas. The main objectives of the 312 acre Hidalgo Project are the Belland Cord sands that have a combined potential reserves of 16.1 Bcfgas. The Bell sand in the Miramar Petroleum, Inc. #2 Theser Gas Unitwell has produced 20 Bcf gas at an average recovery of 2.96 Mmcf/dayfrom seven wells. In addition, the Cord sand in the same well has acumulative production over 62.9 Bcf from eight wells with an averagerecovery of 7.87 Mmcf/day. ABOUT FIDELIS ENERGY INC. Based in Tucson, AZ, Fidelis Energy is an oil and gas companydedicated to solving North America´s complex energy problems. FidelisEnergy identifies, acquires and develops working interest percentagesin smaller, underdeveloped oil and gas projects in California, Canada,and other promising locales that do not meet the requirements oflarger producers and developers. Through the use of modern developmenttechniques such as horizontal drilling and 3-D seismic, the companyenhances production from underdeveloped and under-utilized projects,as it pursues oil and gas production throughout North America. Safe harbor for Forward-Looking Statements: Except for statements of historical fact, the informationpresented herein constitutes forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995. Suchforward-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 differentfrom any future results, performance or achievements expressed orimplied by such forward-looking statements. Such factors includegeneral economic and business conditions, the ability to acquire anddevelop specific projects, the ability to fund operations and changesin consumer and business consumption habits and other factors overwhich Fidelis Energy, Inc. has little or no control. For more information, please visit our website atwww.FidelisEnergy.com, or contact: Investor Relations 1-888-894-3334 (Contact: Dan Hodges) ON BEHALF OF THE BOARD Fidelis Energy Inc. Dan Hodges - President --30--KK/se* CONTACT: Fidelis Energy, Inc.(Investor Relations) Dan Hodges, 888-894-3334 KEYWORD: ARIZONA TEXAS INDUSTRY KEYWORD: OIL/GAS ENVIRONMENT MANUFACTURING ENERGY SOURCE: Fidelis Energy, Inc.Copyright Business Wire 2005 (c) 2005 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission. Autor: © Business Wire , 15:03 28.02.05 |
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| Autor (Datum des Eintrages): | Klatsch (01.03.05 11:37:15) |
| Beitrag: | 6 von 6 (ID:15953251) |
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