Ness Energy Adds Domestic Production; Undertaking Eight New
Well Projects in Texas
WILLOW PARK, TEXAS, U.S.A./ NETANYA, ISRAEL: October 29, 2003,
2003/PRNewswire-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced, from its pending property
acquisitions, it is now undertaking an eight well project in Palo
Pinto County, Texas and believes these wells will produce
substantial returns for Ness by adding production, cash flow and
reserves.
Additional Assets/Production
Ness Energy International, Inc. continues efforts to establish
cash flow and assets for the Company, while building shareholder
value with new production. Ness is undertaking an eight well
project on a 400 acre+ lease in Palo Pinto County, Texas near the
town of Graford. This represents just one of many new pursuits for
Ness. This well project has been committed to the Company and the
Company is moving forward with firm steps to make the most of it
for it's shareholders. These assets, in Palo Pinto County, Texas,
are part of several properties being conveyed to Ness Energy
through various acquisitions that have been committed to the Ness
pool for oil and gas workover and exploration pursuits. These are
additional well projects not previously offered to Ness.
Palo Pinto Background
According to President Stephens, "There has been quite a bit of
third party drilling activity in this area over the past year and
a half, with a well blowing out (uncontrolled high pressure gas
outflow ) occurring within three-quarters of a mile from our
nearest well, that is part of our eight wells in the area. We
believe we will recognize a substantial increase in production and
cash flow in the months ahead from these eight wells. "
"In the late seventies and early eighties, eight wells were
drillied on this acreage. Four of them were drilled to the Marble
Falls formation to approximately 4800'. For those with technical
knowledge of the area, these wells were completed in the Marble
Falls and then in the Lower Conglomerate, still left behind pipe
are the Upper Conglomerates, The Atoka and the A, B, and C series
of Strawn Sands. The remaining four wells were drilled only
through the Strawn series."
"With the addition of these properties, Ness is now afforded
another opportunity to add to its bottom line by increasing
production through this rework project. Already this project has
added production to the Company. We are very excited at how little
we have had to spend, not that it surprises me, to realize the
type of volume of gas that we are seeing. I knew these properties
were only neglected, not worthless, that is why Ness is folding
them into the portfolio. . Even though initial volume is not earth
moving, it is substantial given the price of gas at this time.
This is one of those projects that make sense for Ness; it is a
very good start." Out of the eight wells on the lease, only
two of the shallower Strawn have been reconfigured adding over 150
mcf a day into the system. Additional work is underway and planned
for all these wells.
Three more of the wells are scheduled to be brought on line in
approximately one week with good results expected. According to
President Stephens, "The biggest thing that we are excited about
are the conglomerate wells. In these conglomerate wells, we plan
to complete a zone that came in roaring for the offset operator."
Work on the deeper conglomerate wells are planned to take place in
the months of December 2003 and January 2004.
Other News
Under arrangement with a New York brokerage firm, Ness plans to
be at Wall Street using its office benefits this coming week of
November 2nd to contend with several deal proposals in
negotiations. Apart from domestic efforts, Ness is closer to
announcing what may be a combination property/business acquisition
in Israel, as negotiations are in the contract stages.
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 oil rich State of Texas, and also in the Middle
East, specifically Israel. Ness believes that Israel is a place
where science and religion walk hand in hand 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, God willing.
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