Ness Energy Continues to Advance, Both Domestically and
Internationally
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: October 21, 2004
/PR Newswire-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) today announced progress on all fronts of
operations, domestically and internationally, with current
projects nearing completion while others begin.
Domestic Operations
The final steps are being taken to sell gas into the market on
the Atoka Energy Gohlke #1 and the Enron Oil and Gas Gohlke Deep
Gas Unit #1. Gas contracts are in place and equipment and
pipelines needed for the transportation of product from these
wells is 90% in place. Both of these wells are completed in the
Wilcox formation at approximately 10,000 feet. The Wilcox is a
formation known for its outstanding production, big reserves
(product in place) and long life of production. Sha Stephens, CEO
and President of Ness Energy International, Inc. says, "We are
excited about the initial test results we have witnessed from both
of these wells. The Deep Gas Unit is ready to go on production as
is, however the Atoka well needs a light frac, which is scheduled
for Saturday, the 30th of October. The well is a good producer as
is, but after the frac, we believe the good will be great." It is
anticipated that the combined production of the two wells will be
in excess of 2mmcfd (two million cubic feet of gas a day). At
todays prices this equates to over $11,000.00 (eleven thousand
dollars) per day. Ness Energy is in the process of acquiring 4
more well bores in south Texas that meet their criteria for
potentially successful re-entry candidates.
Ness Energy is also in the process of raising Joint Venture
capital to deepen some of its wells in Palo Pinto County in
North-Central Texas. Ness is keying off of a well that was
deepened into the Barnett Shale just to the east of a lease
currently owned by Ness. This well initially produced 175mcfg and
100 bbl oil per day. Ness has been told by reliable partners that,
after several months of production, the well continues to produce
at these levels. President and CEO Sha Stephens comments, "with no
more capital than it takes to deepen a well in this area to the
Barnett, and after seeing results like this not even 2500 feet
from our lease, it only makes sense to attempt the same thing." On
this lease alone, Ness has four candidates for deepening to the
Barnett Shale. The first attempt, the D.L. Hart #1, is scheduled
to take place the last week of November due to the busy status of
rigs in the area.
International Operations
Ness Energy continues to move forward in Israel after its
acquisition of the management company for Modi'in Ltd., a publicly
traded oil and gas company that trades on the Tel Aviv exchange.
Under the name Modi'in Ltd., Ness Energy has filed for two new
petroleum licenses in Israel in an effort to move forward and grow
Modi'in to a respectable position in the Israeli oil and gas
community. "This is another step by Ness toward establishing
itself as a legitimate operator in the country and enabling Ness
to, we believe, discover oil for the country of Israel, thus
fulfilling the vision of the company and the dreams of my dad."
Sha Stephens quoted. Acquiring the new acreage gives Ness a
position it is desiring to have for when the time comes to drill
the deep well that was spoken of so often by Hayseed Stephens,
founder of Ness Energy International. Ness also plans to call a
meeting of the Modi'in shareholders in the very near future to
discuss the plans for the company and immediate goals it plans to
pursue.
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
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
unless otherwise noted and are subject to final figures 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/