Ness Energy Domestic Operations: Commercial Production
Increases, New Leases Acquired, Closing on XTO Energy Transaction
Set
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL: April 2, 2004
/MacReport-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced today that gas well rework efforts
in Parker County, Texas are ongoing: Ness has been successful in
adding gas volume into the sales line at commercial levels. Also,
Ness captured an additional asset with a significant property
lease acquisition, which will close within 30 days and, in other
news, the major XTO Energy transaction prepares for closing.
Ness Domestic-Texas Reworks
The rework of the Lester B#1 well was a success on several
fronts. Most prominent, Ness took an experimental position by
attempting to complete a zone that, to date in this area, has not
been a commercial producer. Because of new developments in
technology and completion procedures, Ness has successfully
established commercial production. President Sha Stephens stated,
"The results from the workover on this well is significant in many
ways, primarily because Ness Energy experimented with an older
existing well bore and implemented new developments in technology,
bringing the old with the new and achieving commercial
production."
Further success is the completion of the well rework proved
this formation, in this area of the Ft. Worth Basin in Texas, can
produce gas in commercial quantities. "There are countless wells
in this area that penetrate this zone, but because there was no
method of stimulating the zone to cause it to produce, it was
overlooked for years. There has been no attempt, to my knowledge,
in recent history (10 years), to bring this zone into production"
according to President Stephens, "And definitely no attempt made
to recomplete these wells applying new ideas or technology."
He commented further "we just took an idea that has proven
successful under other conditions, modified it a bit to fit this
application, and the results are coming in. Because of our
'experiment,' we now have commercial production from older
wellbores, thought to be of no value, and have proven we can make
our approach work in the field on our leases, where we have
multiple well bores."
"The result of this first attempt has prompted us to go out and
try again. On about April 2nd, we will exercise our 'theory,' one
more time, as we workover our 3rd well in northern Parker County.
After successfully completing our 2nd well in the central portion
of the county, we felt, for the sake of 'experimental control,' we
should step out just a bit farther and give this procedure a try
under a little different circumstances. We are excited to see the
anticipated results becoming reality."
New Lease Interests
Several additional assets are being vended into Ness with the
addition of a multi well lease acquisition, to close within 30
days, by Management's estimate. This property, in Parker County,
consists of about 1160+/- acres and has a total of 13 existing
well bores. Ness may be able to rework these wells in the near
future. President Stephens stated "Not only do these leases
possess the Barnett Shale, they come with monthly net income. In
addition, we picked up several leases in Dewitt County with
re-entry prospects that could yield over 4 BCF per well."
XTO Energy
Ness is in closing steps of a major transaction with XTO Energy
(details below), an effort recently started and anticipated to
shortly be complete, given the tremendous effort of Management of
both companies to consummate the deal. XTO Energy is a New York
Stock Exchange Company (Trading Symbol NYSE: XTO). Recent XTO
events, as reported by them, in summary, include a stock split,
earnings exceeding forecasts, and the world renowned rating firm
of Moody's giving XTO a thumbs up. Ness is working with XTO to
close the transaction, and Management is benefited by the
experience it is acquiring from dealing with a larger oil industry
player.
XTO Energy Transaction Update
Ness recently disclosed an agreement was reached with XTO
Energy. The agreement is become effective at the closing.
The date is now being set for April 12, 2004 to allow both parties
further time for confirmation and satisfaction that all
representations are in order. According to President Stephens,
"For clarification, we were set to close shortly after April 1,
2004, understanding we are working together [Ness and XTO Energy]
to prepare for the closing. Also, though the terms of the deal, at
the request of XTO, are being kept confidential while we negotiate
final matters, upon the agreement becoming effective and closing,
Ness will disclose, as necessary, all terms."
About Ness - The Vision
The current business of Ness Energy is development and
execution of oil and gas exploration, property acquisition and
corporate merger prospects. The Company is primarily pursuing
interests 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. In the meantime, we continue to build a
strong Company on assets, cash flow and deals that make sense.
Certain Information
Note Ness cannot verify public information concerning XTO
Energy commented upon in this or any other Release as being
accurate since it is relying upon what has been published by XTO
without independent verification by Ness. 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.
Contact Information:
Ness Energy International, Inc.
Tina Sbriglia - Investor
Relations
(817) 341-1477
Visit us at http://www.nessenergy.com/