Ness Energy Reports Ongoing December Activity, Including
Progress on Domestic Operations and Projects; Major Financing
Scheduled, New Year Planning Underway
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: December 10, 2004
/PR Newswire-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced the status of ongoing activities
domestically, and also comments on international endeavors, for
the month of December, being the last month of the fiscal year,
approaching the New Year. The Company wishes to supply this
information in light of interest from Shareholders on the status
of ongoing events.
Major Infrastructure-Financing/New Year
Ness Energy is continuing to speak with various financial
institutions and persons, here and overseas, primarily regarding
funding for ongoing domestic projects. Finance talks center on
supplying major funding for infrastructure, primarily well
projects. Certain contracts are being prepared, as part of
the contract stage, along with two new Texas limited partnerships
to be managed by Ness. Ness is focused on joint venture
partnerships to progress well projects, based upon non-stock
financing. According to President and C.E.O. Sha Stephens, "This
should allow us to keep more stock shares in the treasury and in
doing so, keeps the shareholder's positions from being diluted
further. On the table, as of today, are contracts that are being
reviewed in excess of $50,000,000." (All plans are subject to
final contracts and conditions.)
Ness plans to rely heavily on major funding relationships it
has developed this past year, as part of the New Year plan. Ness
President Sha Stephens, who should return to Israel within the
month, is formulating a concise plan for the New Year based on
discussions with advisors, including Wall Street consultants, and
hopes to release a President Letter and formal details within
about 30 days.
South Texas Operations
Ness has completed two (2) gas wells in DeWitt County,
Texas. These wells, as stated in an earlier release, should
deliver in excess of 2 MMCFD (2 million cubic feet gas per
day). Because of recent rains (DeWitt County alone has
received more than 21 inches), completion has been
delayed. Equipment is being set and both wells should
be producing, barring any more rain, by the 17th of
December. Ness currently owns twenty (20) well bores to be
re-entered and is currently in the process of acquiring an
additional twelve (12) well bores. Proven, undeveloped
reserves in these well bores total in excess of an average of
5.125 BCF of gas per well. One BCF of gas is equivalent to
approximately $5,000,000 assuming a gas price of $5.00 per MCF,
subject to market conditions and expenses.
Other News
As reported in earlier releases, Ness Energy was planning to
build a commercial salt water injection facility. Great
interest was expressed and the project was 85% funded when the
people who owned the land decided to do something else with
it. Therefore, this project has been scrapped but Ness is
reviewing its options.
Barnett Shale
By way of relationships reached with large independents, Ness
may benefit from Barnett Shale ventures. The first location has
been built just west of Weatherford, Texas for Doss #1H by a large
independent. Ness, because of previous contractual arrangements,
will participate in this well for a 15% working interest.
This well will be drilled as a horizontal well to a depth of
approximately 6,000'. Horizontal wells in the area are
documented to produce up to 3 MMCF of gas per day. Stephens
further commented, "We look forward to this being the first of
many successful ventures in the Barnett Shale."
North Texas Reworks
Ness is in the process of moving a workover rig on to the D. L.
Hart Lease in Palo Pinto County, Texas where Ness will deepen two
(2) wells to the Barnett Shale. These wells offset a well
being produced by another company that came on line at 300 MCFD
(300,000 cubic feet of gas per day) and 100 BOPD (barrels of oil
per day). Ness expects to obtain similar results.
Ness has obtained capital through joint venture capital with
partners. Ness will begin, right after the first of the
year, to deepen two wells in Parker County, Texas. These
wells will be deepened to the Barnett Shale, where the shale lies
over 270 feet thick. Proper completion techniques in these
wells could yield reserves in excess of 1 MMCFD (Million cubic
feet per day) each.
International
Ness has been busy in finalizing its acquisition of Modi'in
Management. This is the management entity for the public
company Modi'in Energy Limited Partnership, Israel.
During an overseas shareholder meeting, certain initiatives were
presented and were discussed by the shareholders and
management. The next meeting is scheduled in Israel just
before the first of the year where shareholders will be voting on
several projects and a plan of public financing will be presented
for consideration.
About Ness-The Vision
Ness Energy is an aggressive, emerging oil and gas company
building on deals that make sense. Ness Energy operates interests
in the Ft. Worth Basin and the Coastal Plains regions of Texas.
Ness is also a very active player in the energy industry in
Israel, carrying out the Vision of The Company. Ness Energy is
building at a high-speed pace through Merger, Acquisitions,
Drilling, Re-Work and Re-Entry.
Certain Information
Nothing herein should be deemed an offer or solicitation of an
offer as to the purchase or sale of any security. Certain
statements above are forward-looking based on Management's
expectations or estimates, subject to change. Words like
"anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates" and similar identify them. They are not
guarantees of performance or otherwise and are subject to risks,
uncertainties and other factors, some beyond control and difficult
to predict. Therefore, outcomes may differ materially from these
statements. Do not place undue reliance on them. 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
information created or distributed by any outside party and
endorses only its official Press Releases. Figures are estimates
or unaudited unless otherwise expressly noted and are subject to
final figures and footnote in financial filings with the SEC.
Comments concerning plans, filings, reports or other documents are
limited in that they may express opinions or be summaries of less
than all of the information.
CONTACT:
Ness Energy International, Inc.
Tina Sbriglia - Investor
Relations
(817) 341-1477 or info@nessenergy.com
Visit us on the web at http://www.nessenergy.com/