EESV announced that the recent Integration Hearing before the Arkansas Oil & Gas Commission (“AOGC”) resulted in a favorable Order for EESV and its partners. As a result of the completion of this final administrative step required for drilling, EESV’s Fayetteville Shale investment is moving forward. Drilling in the Fayetteville Shale should commence on or about July 31, 2007. Operating details and final site preparations for drilling are being completed as part of the last steps of the process necessary to move drilling rigs into place, set-up, and begin drilling in the Fayetteville Shale according to the above-referenced schedule. The leasehold interests that were presented to the AOGC in the unit for the proposed drilling program are located in Arkansas’ Van Buren County.
In addition, EESV’s Board of Directors also announces that it has received a capital proposal that will enable it to significantly accelerate its drilling program in the Fayetteville Shale as well as enable it to move forward more aggressively on other EESV oil and gas projects. EESV will announce further capitalization details as appropriate.
Environmental Energy Services, Inc. (Pink Sheets: EESV – News) is an independent oil and gas producer, and it develops both alternative and traditional energy resources located throughout the environment for production. It combines patented, cutting-edge technology and research with Monte Carlo simulation- type analysis to acquire almost exclusively hydrocarbon energy resources for development and, ultimately, production. Now, with its research completed and rights in place for multiple projects, EESV is focused on bringing an array of “unproven” assets on to the balance sheet as “proven” assets. With its corporate headquarters located in Boise, Idaho, EESV through its various holdings and subsidiaries controls resources and runs projects in locations across North America.
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to matters such as prospects, anticipated operating and financial performance. Actual prospects and performance may differ from anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the company, including risks of production variances from expectations, market volatility, the level of capital expenditures required to fund ongoing drilling initiatives and the ability of the company to execute its business strategy. These and other risks are described in the company’s reports filed with the United States Securities and Exchange Commission. These forward- looking statements are made only as of the date of this communication and EESV undertakes no obligation to update or revise these forward-looking statements.
Source: Environmental Energy Services, Inc.