Encore Energy, Inc. Provides Update for Horizontal Berea Drilling, Oil Production and Gas Pipeline Operations in Kentucky
Encore Energy, Inc.[/wp has recently turned three (3) horizontal Berea well projects into early production and completed a nearly seven (7) mile gas transmission system that is now also in production. Encore has recently drilled a new oil discovery well in the northern field of Lawrence County while preparing to drill three (3) additional horizontal wells of which two (2) are located at the eastern field of Lawrence County. The Company is currently shipping oil from multiple wells and selling gas via a gathering system (i.e. pipeline) in the southern field of Lawrence County.BOWLING GREEN, Ky., June 13, 2024 - [wp=2352]Encore Energy, Inc. is a fully integrated oil and natural gas lease owner, well operator, and developer of multiple horizontal well projects targeting the productive Berea Sandstone of Lawrence County, which is the #1 oil producing county in Kentucky. There have been well over 100 horizontal wells permitted, drilled and/or producing in Lawrence County. The horizontal Berea play is the most active and prolific oil and gas field operations in Kentucky that is being driven by the most advanced horizontal well technologies including but not limited to plug and perf multi-stage Frack completions and MWD drilling.
"Despite inflation, labor shortages and continued supply chain challenges, the Company is growing and making significant progress", said Steve Stengell, Encore's President and CEO. "Oil prices are anticipated to be strong in the short, and long-term while advancements in horizontal well technology increase the productivity of each well drilled." Although these wells are targeting oil, there exists a significant amount of natural gas reserves in this area as well.
"We are delighted with our recent results from horizontal drilling in the northern field and are excited about moving forward with oil production operations in this new area," added Stengell.
Oil and gas investments involve a high degree of risk, uncertainty, and are only suitable for qualified SEC defined accredited investors who can afford the loss of his or her investment and understand the volatility of oil and gas drilling and production along with the challenging terrain in which the Company operators. No assurances can be made as it relates to production, reserves, profitability, income, timelines, commodity prices, and other estimates that are beyond the control of management. Horizontal drilling, multi-stage Frac treatments, well completion, and production operations are capital intensive, complex and extremely challenging in the mountainous terrain of East Kentucky.
Qualified accredited investors can deduct nearly 100% of their intangible drilling costs with an estimated ~87% of their investment deducted against all other forms of active income in year one.
For more information, please contact Steve Stengell at (270) 438-9956 or via email at info@encore-energy.com
Investment Risk, Disclaimer and Cautionary Statement: The information herein may contain forward-looking statements, and actual results may vary. Words such as "estimate", "will," "intend," "continue," "target," "expect," "achieve," "strategy," "future," "may," "goal," or other comparable words or phrases or the negative of those words, and other words of similar meaning indicate forward-looking statements and important factors which could affect actual results. Forward-looking statements are made based upon Management's current expectations and beliefs concerning future developments and their potential effects upon Encore Energy, Inc. Oil and gas investments involve an extremely high degree of risk, uncertainty and are only suitable for qualified Accredited (SEC Definition) investors who are sophisticated in making business decisions and can bear the financial loss of their entire investment, while delivering a turnkey profit to the Company for providing the prospect development, lease acquisition, drilling, completion, engineering, ongoing production operations and other services. The Company does not provide tax advice and investors should seek the advice of their tax professional. Any tax and/or other information herein is provided for illustration purposes only and may include estimates that are uncertain and subject to change. It is impossible to accurately forecast profitability, production, reserves, income, expenses and timelines for any project. No assurances can be made as it relates to reserves, production, income, profit, prices, timelines and/or other estimates. Actual production and results are beyond the control of management. In the event that commercial production is achieved, it may take many years for the investor to recoup his or her investment. The Company's lease acreage position under is subject to change and includes acreage under lease, Farmout agreement, verbal agreement, renewals, expired terms and any other prospective acreage in which the Company has communicated and/or negotiated with the landowner the leasing of oil and gas rights, now or in the future, and the lease / mineral owner has leased or communicated their intent to lease there mineral lease rights to the Company. The Company's well operations is located primarily in the extremely remote, mountainous and challenging terrain of East Kentucky. This extremely challenging terrain may result in indefinite project delays and escalating costs beyond the control of management. It is important for qualified SEC defined accredited investors to acknowledge the fact that the US government provides them with tax savings (100% IDC tax deduction) to mitigate or at least off-set some of the financial risk associated with domestic oil and gas investments. This is not an offer to sell or buy a security. An offer shall only be made pursuant to SEC Regulation D, Rule 506(c) by a private placement offering memorandum, and this is not a private placement offering memorandum.
Media Contact
Steve Stengell, Encore Energy, Inc., 1 2704389956, steve.stengell@encore-energy.com
SOURCE Encore Energy, Inc.