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Press Release Source: Providential Holdings, Inc. Providential Holdings Subsidiary Providential Oil & Gas Partners with Midland-based Firm to Develop Up to 24 Gas Wells in West Texas Wednesday December 7, 9:13 am ET LOS ANGELES--(BUSINESS WIRE)--Dec. 7, 2005--Providential Holdings, Inc. (OTCBB:PRVHE - News; Berlin and Frankfurt Stock Exchanges:PR7 - WKN 935160) (www.phiglobal.com), a provider of international advisory services specializing in mergers and acquisitions, today announced that the Company`s wholly-owned subsidiary Providential Oil & Gas, Inc. has signed an agreement with Terra-Firma, a Midland-based independent oil and gas company, to co-develop up to 24 gas wells on Hudspeth Ranch, Crockett County, Texas. ADVERTISEMENT The Hudspeth Ranch is located approximately twenty-five miles south of the town of Ozona and seventy miles north of Del Rio, Texas. The "Canyon Sandstone" formation gas wells located on this ranch is part of the large prolific Adams-Baggett Canyon Sandstone Field. The Canyon Sand is found at a depth of 4,300 feet to 4,900 feet. The wells inside the Proven Undeveloped (PUD) acreage throughout this Hudspeth Ranch have typically experienced payout with reimbursement of the initial working interest purchase amount between eighteen months to three years. If natural gas prices continue to escalate, as long-term national trends currently indicate, then payout may occur within a shorter time span. The attractiveness of this area`s gas production zones lie in their historical production lifespan for new wells of 25 to 35 years, thus allowing for a potential stable and continuous revenue stream for the Company. Henry Fahman, Chairman and CEO of Providential Holdings, commented: "Since early this year, we have investigated a number of oil and gas opportunities in the US and abroad and are very pleased to partner with Terra-Firma to begin developing these PUD gas wells on Hudspeth Ranch, as part of our overall emphasis on the energy industry." Joseph Glenn, President of Terra-Firma Gas & Oil, Inc., stated: "Terra-Firma is honored to be partnered with Providential Oil & Gas in this project. The Canyon Sandstone that we will be drilling in is located in the West Texas Permian Basin. This area is very large and consistently produces commercially viable gas wells. With the great demand for gas and the increasing natural gas prices, with no significant downturn in the foreseeable future, we expect this to be a very rewarding and profitable venture for all concerned. Terra-Firma looks forward to exploring other projects with Providential Oil & Gas in the future." About Providential Holdings, Inc. Providential Holdings specializes in mergers and acquisitions and invests in various businesses with potential for high growth. The Company acquires and consolidates special opportunities to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com. Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management`s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Contact: Providential Holdings, Inc. Timothy Pham, 714-843-5456 ir@phiglobal.com Source: Providential Holdings, Inc. |
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| aus der Diskussion: | PROVIDENTIAL (PRVH) OIL AND GAZ |
| Autor (Datum des Eintrages): | wayne99 (07.12.05 15:20:48) |
| Beitrag: | 94 von 148 (ID:19187768) |
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