Smarts Oil & Gas, Inc. is pleased to announce it has purchased a 39.75% working interest in the Theuman #2 well located 3 miles Southeast of Eagle Lake, Texas. This well has produced approximately 712,000 MCF so far. The Theuman is the first well of five on the lease that are going to be reworked in 2007, and Smarts anticipates being involved in all of them. These wells are all currently shut in awaiting workover to recover the additional reserves left in place due to sand, water, and tubular constraints of previous completions. The workover on the Theuman is expected to start in approximately two weeks and will take two weeks to complete. The reworking will consist of squeezing the existing perforations, re-perforate, gravel pack and installation of different tubulars. Ronald J. Konantz, Inc. is the operator of the project. Upon completion Smarts is expecting an original gas flow of 1,000 MCF/day, ultimately recovering reserves of 1.9 Billion Cubic Feet of Gas.
Daniel Seifer, CEO states, “We are very excited to have entered into this project with Mr. Konantz. The Theuman is an ideal target for the type of investments that Smarts is looking for. We are looking for an exponential return on our investment and hope that this is just the first of many projects that Smarts will have the opportunity to work with Mr. Konantz.”
ABOUT SMARTS OIL & GAS
Smarts Oil & Gas was created to pursue an interest in the burgeoning oil and gas market. Smarts Oil and Gas’ initial entry into the market was the acquisition of several leases located in northern Louisiana. The leases, collectively the “Gamm Lease”, are estimated to have 5,596,125 barrels of primary recoverable oil reserves. Smarts Oil and Gas will continuously pursue any opportunity to acquire other attractive oil and gas areas that can add value to the Company and its shareholders. The company will focus on leases and properties with proven oil reserves and high potential for large profit margins. Please visit our website at www.smartsoilandgas.com for updates on our projects.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words “plan,” “expect,” “believe,” and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.
Source: Smarts Oil & Gas, Inc.