Ness Energy Acquisition Property Update
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: December 16, 2003,
-- According to Sha Stephens, President of Ness Energy
International, Inc. (OTC Bulletin Board: NESS), "Over the last
several weeks, Ness Energy has reworked or reconfigured seven (7)
of the newly acquired well bores, previously discussed in press
releases. Of the seven, four (4) of these are located in Palo
Pinto County, Texas and the remaining three (3) are in Parker
County, Texas. We are very excited about the increase in
production, considering that our rework expenses have been minimal
for the amount of work that we have been able to achieve. Several
of these wells required equipment replacement and refurbishing
since most of it was over 20 years old."
PALO PINTO COUNTY, TEXAS
The Palo Pinto County wells (formerly referred to as the
Graford Acquisition) have added approximately 176 mcfd as a result
of Ness's rework efforts. This production effort is up from 2.9
mcfd, since the time of assignment. This increase in production
equates to approximately an increase of over $20,000.00 per month.
Two of the four wells reworked will require additional stimulation
in the form of a frac job. These jobs are scheduled for January 6,
2004. At the time of original completion in 1981, both of these
wells were only perforated and acidized. At that point in the
process, the wells began to flow and were immediately put into the
sales line. Since there was no additional stimulation required at
that time, the wells produced under what is called "natural
conditions." Since the wells were not fracked at that time, Ness
is of the opinion that only a certain percentage of the reservoir
was drained. "I feel, and I have the support of two petroleum
engineers and our chief geologist, that if we perform the
engineered frac job recommended for this well, we will be able to
break out into the area of the reservoir that possibly has not
been drained. Production figures from these wells indicate that
they did not produce all of the gas that they could have. These
assumptions are based on engineering formulas with the parameters
of the job derived by taking into consideration the size of the
zone, remaining reservoir pressure, porosity and permeability. We
feel that both of these wells could see production anywhere
between 100 and 300 mcfd each" stated the Ness President. The
remaining wells in Palo Pinto County that were acquired will be
re-worked sometime in April, 2004. These wells will be a bit more
costly to rework than the ones that have been worked on to date.
However, potential returns are greater and Ness hopes that it has
saved the best for last.
PARKER COUNTY, TEXAS
Ness also has put forth efforts in Parker County by reworking
three additional wells. The first two wells reworked were original
Ness wells that were part of the Greenwood Field. A behind pipe
zone was completed, in the first well, with an acid job to clean
the immediate area around the well bore. The well was put on
production at an increased rate of 85 mcfd. According to Mr.
Stephens, "The rate of production and the pressures encountered
are very encouraging. We will now, since we have had some time for
evaluation, engineer a frac job for this well, expecting to
increase production more than twice its current producing rate of
105 mcfd." The second well, also an original Ness well, has been
re-cemented over the zone of interest. Ness has waited until it
has had proper time to evaluate the other Greenwood rework to
determine the type of completion that will be used. In the next
week or so, Ness will undertake this task.
The third well, which Ness is intensely observing, due to the
major impact the results will have on Ness, is being monitored
twice a day since the experimental frac job was pumped into the
well. This frac job entailed pumping 15,000 barrels or 675,000
gallons of water into the well along with 150,000 pounds of sand.
"We are thrilled at the encouraging bits of data that we have
monitored during the initial flowback. Also encouraging was the
short amount of time it took to see gas to the surface after the
frac job." Ness has used conventional methods of extracting the
frac water from the well bore. This extraction has been very slow;
therefore Ness is removing the pumping unit and rods and will run
a down hole submersible pump to increase the rate of return of the
frac fluid. To this point, Ness has been extracting 60 barrels of
fluid a day. With this submersible method, the extraction rate
could increase to between 750 and 1150 barrels per day, based on
the Reda pump design. With the quicker de-watering of the well,
commercial gas production should be realized in short order. The
quantity of natural gas being observed has steadily increased
since the first show of gas, four days after the frac job. It is
anticipated by management and its consulting engineers that this
well should be cleaned up and selling gas in commercial quantities
in less than 30 days. "If this well comes in as anticipated,"
stated Mr. Stephens, "it will redefine completion procedures for
this type of zone in the Fort Worth basin. These anticipated
results will take Ness to a higher level, not only from an
operations stand point, but will also achieve greater corporate
credibility. This is something that Dad (Hayseed Stephens, Founder
of Ness Energy International) felt would have to happen to elevate
Ness to a point never before seen. This added strength and
credibility will enable Ness to go forth with everything it needs
to drill the deep well at the southwest end of the Dead
Sea."
Thus far, Ness has added over a half million cubic feet
of gas per day into the sales line as a result of its efforts.
Since Ness implemented its New Outlook, cash flow, net worth and
shareholder value have all steadily increased. Ness management
continues to believe that this is but a glimpse at things to come
as it continues to work the plan that it has laid out.
OTHER NEWS
Ness Energy International recently spent time on Wall Street in
New York City meeting with brokerage firms, investors, market
analysts and deal makers. As a result of these efforts, Ness is
pleased to announce that several financial options and deals that
make sense for Ness are in the final stages of contracts and
signing. Look for news in the very near future concerning these
matters.
Ness management is also pleased to announce that the Israeli
acquisition detailed in previous press releases has been finalized
in draft form. Ness is awaiting original documents for signatures
to seal the acquisition. More on this acquisition with details
after this document is signed.
Ness is also pleased to announce that it has been negotiating,
and is in the option phase, for two separate Parker County
acquisitions that would add 31 gas wells and approximately 3,000
acres combined. More news on these exciting events as they
unfold.
Ness management, in an effort to keep their
shareholders and the public informed, will continue to bring press
releases and updates as they happen.
About Ness-The Vision
The current business of the Company is focused upon development
and execution of oil and gas exploration plans with a focus both
on pursuits in the petroleum rich State of Texas, and also in the
Middle East, specifically Israel. Ness believes that Israel, in
particular the southwest end of the Dead Sea is a place where
"Science and The Bible shake hands" and that Ness will achieve the
vision of the location and recovery of an abundant source of oil
and gas in Israel to supply Israel and the Christian communities
with supernatural wealth.
Certain Information
Certain statements in this news release may contain
forward-looking information and are based on Management's current
expectations, estimates and projections subject to change. Words
such as "anticipates," "expects," "intends," "plans," "targets,"
"projects," "believes," "seeks," "estimates" and similar
expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
other factors, some of which are beyond our control and are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on
these forward-looking statements. Unless legally required, the
Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new
information, future events or otherwise. The Company disclaims any
information that is created or distributed by any outside party
and endorses only information that is communicated by its official
Press Releases.
Further Information
CONTACT: Mary Gene Stephens, Executive Secretary of Ness Energy
International, Inc., 1-817-341-1477