Gulf Petroleum GFPE Signs Letter of Intent to Purchase 75 Operating Oil and Gas Wells
Gulf Petroleum Exchange, Inc. (PINK SHEETS: GFPE - News) announced today that the Company has signed a Letter of Intent for the purchase of 75 oil and gas wells, which are currently operating, well maintained and have negligible operating expenses.
[ClickPress, Fri Dec 16 2005] Gulf Petroleum Exchange, Inc. (PINK SHEETS: GFPE - News) announced today that the Company has signed a Letter of Intent for the purchase of 75 oil and gas wells, which are currently operating, well maintained and have negligible operating expenses.
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These oil and gas wells are located in the west central part of the Appalachian Basin and are underlain by the Trenton limestone. Wells in the Trenton Limestone have produced upwards of 5 Billion barrels of oil and large amounts of gas in other sections of the state. Recent discoveries have generated more interest in the oil and natural gas potential of the Trenton/Black River, where the largest well drilled to date was 50 million cubic feet per day. The Trenton/Black River play extends through parts of New York, Pennsylvania, West Virginia, Ohio, Kentucky and Tennessee. In the last few years the Trenton/Black River wells have also produced more than 110 Billion Cubic Feet of natural gas in New York alone.
Warren "Skip" Wheeler, President of Gulf Petroleum Exchange, stated, "We believe this transaction will help create immediate value for our shareholders and also assist in the needs of the U.S. economy while utilizing America's natural resources."
Mr. Sheldon Turrill, a certified geologist, has committed to evaluate the wells and examine the probabilities of production in the underlying formations. Mr. Turrill has been associated with various phases of the geological engineering, appraisals, completions and producing of many hundreds of wells in the Appalachian Basin.
About Gulf Petroleum Exchange:
Gulf Petroleum Exchange, a multi-faceted energy company, combines the experience of its people with the strength of its strategic alliances to create profitable projects within three aspects of energy enhancement; oil and gas production, the removal of sulfur compounds from hydrocarbon based fuels, and sales of the resultant products.
Statements herein which contain "forward-looking statements," as defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results described above may differ materially from projections in such forward-looking statements. Significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including the company's dependence on third parties, general market and economic conditions, technical factors, the availability of capital, receipt of revenues and other factors, many of which are beyond the control of the company.
Gulf Petroleum Exchange Inc., Carencro
Skip Wheeler, 337-896-5151
Source: Gulf Petroleum Exchange, Inc.