Ness finalizes $3.5 million
transaction with Jay Petroleum
WILLOW
PARK, TEXAS, U.S.A./NETANYA, ISRAEL,
November 2, 2005 /PRNewswire-FirstCall/ Ness Energy announced
today that it has finalized a transaction with Jay Petroleum,
LLC, an oil and gas development company based in Houston, Texas,
in which Ness divests its interest in certain Barnett Shale
acreage in North Central Texas.
The deal involved acreage that
Ness transacted in 2004 with a large independent oil and gas
development company, based in Fort Worth, where Ness sold the
rights to the Barnett Shale depths only on approximately 6,000
acres. Under the terms of that original transaction, Ness
retained the right to participate for up to 15% of development
on this acreage. This 15% participation is what Ness sold to Jay
Petroleum.
Jay Petroleum, based in
Houston, Texas, is an oil and gas development company active
primarily in the United States. It is a wholly-owned subsidiary
of Isramco, which undertakes operations in the United States,
the Republic of Congo, and is amongst the largest and most
significant players in the energy exploration industry in
Israel.
Ness Energy President and CEO,
Sha Stephens, said “this transaction does not indicate our lack
of enthusiasm or confidence in the viability of the Barnett
Shale play or our previous partners. It is simply evidence of
our belief in the greater viability of our exploration efforts
on the coastal plains of South Texas. We have already brought
online 3 producing wells in South Texas, and are nearing
completion on 3 more. The funds generated from this transaction
will be used to further our efforts down south.”
The sale of Barnett Shale
interest to Jay Petroleum leaves Ness, under the terms of the
2004 transaction, with shallow development rights on the entire
6,000 acres originally transacted. This is an opportunity that
Ness intends to begin exploiting in 2006.
Concerning the transaction with
Jay Petroleum, Stephens says “This transaction between Ness and
Jay Petroleum / Isramco, is yet another step in the building of
a solid and likely long-lasting relationship with another
company with strong roots in the energy industry in Israel. We
are excited about this opportunity and look forward to continued
success for both companies and further expanding our
relationships with companies that are a friend to Israel.”
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.
Forward-Looking Statements
This news release includes forward-looking statements. Actual
results could differ materially from those contemplated by such
forward-looking statements as a result of any number of factors
and uncertainties, many of which are beyond the control of the
company. Important factors that could cause actual results to
differ materially from those in such forward-looking statements
are enumerated in the company's registration statement filed
with the Securities and Exchange Commission. Undue reliance
should not be placed upon any forward-looking statements, and
the company undertakes no obligation to update those statements.
CONTACT:
Ness
Energy International, Inc.
Tina
Sbriglia – Investor Relations
(817)
341-1477 or info@nessenergy.com
Visit us
on the web at
www.nessenergy.com