Joe Merlo
Granite Energy, Inc. (OTC: GNGI) (the Company), today announced the
completion of drilling operations on the TigerShark #2-12 well, located on
the CardShark prospect in Seminole County, Oklahoma. The Company also
announced that 4,300 feet of production casing was run and cemented down the
hole, and final completion is slated for later this month. Initial drill
stem testing indicates IP (initial production) figures could range from 100
to 136 Barrels per day of oil production.
"We experienced deviation during drilling operations that set the total
depth location approximately 177 feet Northeast of the target. During
mud-logging, we identified a fault line that was not indicated on our
pre-drill seismic shoot, this fault appears to have proven additional
drilling locations within the prospect," stated Granite Energy's Senior
Field Engineer, David Hanks.
Granite Energy ("Granite") (NASDAQ OTC symbol: GNGI) is a leading
independent energy company headquartered in Salt Lake City, UT and focused
on oil and gas development, exploration and production. With oil
professionals in offices throughout North America, Granite executes on a
proprietary business model that enhances the lifecycle for oil producing
properties. Granite Energy has growing oil and gas holdings in Texas, New
Mexico and Oklahoma. The combination of Granite's methodologies, geological
and technical expertise enables Granite to deliver the tangible economic
benefits in the acquisition and development of oil and gas fields with both
current production as well as exploration and development of new prospects.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995.
Statements in this press release relating to plans, strategies, economic
performance and trends, projections of results of specific activities or
investments, and other statements that are not descriptions of historical
facts may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking information is inherently subject to risks and
uncertainties, and actual results could differ materially from those
currently anticipated due to a number of factors, which include, but are not
limited to, risk factors inherent in doing business. Forward-looking
statements may be identified by terms such as "may," "will,"
"should,"
"could," "expects," "plans," "intends,"
"anticipates," "believes,"
"estimates," "predicts," "forecasts," "potential,"
or "continue," or similar
terms or the negative of these terms. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. The company has no obligation to update these forward-looking
statements.
http://www.energyautomation.com/