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Corporate Update for Heartland Oil and Gas
by Anonymous
VANCOUVER, BC April 3, 2004--Heartland Oil and Gas Corp. (HOGC) announces its application to the Kansas Corporate Commission to flare gas from its Engelke Pilot wells and the commencement of drilling on its next three 5-well pilot programs.
Operational Update At Engelke:
The Company's Engelke production pilot continues to dewater and to build gas pressures behind pipe. The Company is making application to the Kansas Corporate Commission to begin flaring gas from the various Engelke wells in order to establish gas rates and inflow pressures. Heartland expects to begin flaring gas at Engelke within the next 30 days. The venting process is commonly undertaken to allow Companies to assess rates of CBM production before deciding to tie-in the wells into commercial pipelines.
Drilling Update:
The Company commenced the drilling of the first wells in its next three 5-well pilot programs on March 19, 2004. The drilling program consists of 15 new CBM wells and three new wells to be used for salt water disposal. The new 15 pilot wells are spaced across Heartland's acreage block in the Forest City Basin and are intended to further define the productivity of the Heartland acreage for coalbed methane production.
As of March 31, 2004, two wells have been drilled, cased and logged and the rig is currently moving to the next location in the first 5-well pilot. The wells show an excellent section of thick lower Cherokee coals, which is the main producing formation in the coalbed methane wells in other parts of the Forest City/Cherokee Basin. Heartland anticipates it will take approximately 30 days to drill each 5-well pilot program. Completion operations are being planned for each of the pilots and should start within 30 days of the completion of drilling in each pilot program.
Acreage Update:
Heartland has continued to acquire leases in selected areas within the Forest City Basin, although acquisition has slowed as competition has entered the area and pushed up leasing costs dramatically. At March 31, 2004 the company had more than 240,000 acres under lease. All of Heartland's leases are operated by Heartland and have a 100% working interest. Net revenue interest varies between 84.5% and 87.5%. Certain select leasing programs may continue to be undertaken, but it is management's belief that the bulk of the Company's leasehold position is now in place.
Financings:
As at February 29, 2004 the Company had working capital of approximately $10,600,000 of which $5,100,000 has been allocated to the drilling and completion of the new 18 well drilling and completion program. The balance of the funds will be used for ongoing development of the Company's Forest City Basin Project and for general working capital.
AMEX Listings Application:
The Company has made application to list its shares on AMEX. Management is dealing with any issues raised by AMEX in a timely manner, and believes that its AMEX listing application is proceeding in the normal course. The closing of the previously announced filings caused delays in this listing application that were not expected.
General
Heartland is an emerging coalbed methane gas company focusing on its substantial acreage position in the Forest City basin in the state of Kansas. Using its proprietary mapping of the area and results from earlier drilling, Heartland has acquired a dominant position in what is believed to be the thickest part of the coal fairway in the Forest City Basin.
Heartland has acquired leasehold interests in approximately 240,000 acres in the Forest City Basin. Since Heartland initiated its CBM project in 2001 the Forest City/Cherokee basin fairway has become the subject of increased activity in both leasing and drilling. At this time, several producing coalbed methane fields are located in the southern and eastern parts of the fairway and there are a number of pilot programs underway throughout the basin that are expected to be drilled and completed within the next 3 months.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development of Heartland 's drilling program and completion of the pilot programs on the Forest City Basin CBM project, the use of proceeds from the private placement financings undertaken by Heartland, the acquisition of additional CBM acreage and Heartland's application to list its shares of common stock for trading on AMEX.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration and our ability to meet AMEX listing requirements in order for our shares of common stock to be accepted for trading on AMEX. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2003 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Web site: http://www.heartlandoilandgas.com/
SOURCE Heartland Oil and Gas Corp.
Contact:
Paul Mitchell of Heartland Oil and Gas Corp., +1-866-693-5500
info@heartlandoilandgas.com
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