Ness Energy Undertaking Discussions With Significant Oil and
Gas Companies; Focus on Joint Venture and Similar Relations to
Vastly Expand Ness Operations
WILLOW PARK, TEXAS, U.S.A./ ISRAEL: January 23, 2004,
/MacReport-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced new discussions and efforts with
larger independent oil and gas companies seeking some sort of
joint venture which may lead to a vast expansion of Texas
exploration and development. The company believes that one key to
success in Israel, the primary focus of Ness, is active cash flow
from Texas oil and gas operations.
Joint Venture Plan
Ness Energy holds a large contiguous acreage position in Parker
County Texas encompassing nearly 7,000 acres for the development
of oil and gas. Exploration and development is needed to take
captive the resources lying beneath the surface in the Barnett
Shale. The Barnett Shale is a highly prolific gas formation that
is quickly becoming one of the largest gas fields in the Nation.
In an effort to tap these resources in a timely manner, Ness
Energy is currently entertaining various offers of cooperation
from these larger independent companies. Ness always intends to
operate and pursue most projects on its own but President Stephens
has recognized that joint efforts with others, under certain
conditions and circumstances, should complement Ness and help
support the true value that Ness Energy holds, not only in
reserves but in generated cash flow from gas sales.
According to President Stephens, "Ness Energy is currently
negotiating with several larger independent oil and gas companies
that have expressed an interest in helping Ness develop its
leasehold position in Parker County, Texas. We may be poised to
conduct joint venture or similar operations with these companies,
thereby accelerating our pursuit of generating cash flow needed
for major Israeli work projects to begin in February and the
further advancement of acquisitions currently under way."
Parker County Background
Parker County has been a hot area of activity for several
months, with new drilling rigs moving into the county and new
companies jockeying for position to obtain what few leases are
left to be had.
President Stephens stated, "To this point, most of the larger
operators have been quietly acquiring leases to drill on.
Beginning about 6 months ago after protecting their interests,
they began to drill. To my knowledge there has not been a dry hole
(non-commercial well) drilled since they started. It is no
surprise that my phone rings daily with companies wanting to buy
acreage that Ness holds."
The properties owned by Ness are located in the west central
portion of Parker County Texas. All together, Ness holds nearly
7,000 contiguous acres which have the ability to produce natural
gas, not only from the Barnett Shale, but a multitude of
additional shallower horizons as well. The Barnett Shale is a zone
that for years was drilled through but was never produced because
it has a very tight matrix. With the advancement of technology and
millions of dollars spent by others, there is now a way to unlock
the secrets of its production potential. Each forty (40) acre unit
that these Barnett Shale wells are drilled on, on an average, have
been estimated to contain up to a billion cubic feet of natural
gas. Ness Energy has over 150 units in which to drill with
potential for recovery.
He further stated, "The acreage that Dad and I put together
over the years came together for a reason that we really didn't
understand until this activity began to move into the area. For
several years, we were the only ones doing anything in Parker
County and now every one wants to do something there. Over the
years we put this property together for shallow gas prospects and
new horizons that we would encounter. In my opinion, the shallow
gas has been where the true value was; that opinion has changed.
Now we must place additional value on the Barnett Shale
compounding the gas reserves in place. Fortunately for us there
have been other companies drilling in the area proving the Barnett
Shale production is for real. Some wells have initial potential of
near two million (2,000,000) cubic feet per day. Barnett Shale
production on our acreage is a bonus that may add millions of
dollars in value to the company."
Ness Plans
President Stephens stated, "Ness is talking with companies with
the wherewithal to help launch a very aggressive drilling program.
New production information is being released daily by other
companies that prove gas volumes and reserves are there for the
taking. With our production increasing on a regular basis, due to
successful reworks, Ness believes that joint venture and similar
efforts will substantially increase reserves, cash flow and most
importantly shareholder value."
Other News
On an international level, two overseas oil and gas projects
have been presented to Ness from its Wall Street advisors with the
possibility of acquisition being undertaken. News to be released
as it develops.
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: Ness Energy International, Inc., 1-817-341-1477
Or
log onto: http://www.nessenergy.com/