Ness Energy Advances Venture With Great Britain Group for
Multi-Well Texas Program; Contracts Underway
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL, February 7, 2005
/PR Newswire-FirstCall/ -- Ness Energy International, Inc. (OTC
Bulletin Board: NESS) announced it has advanced negotiations with
an investment group from Great Britain, for a multi-well program
in Texas. Ness is now in possession of the "Memorandum of
Understanding" between itself and the group.
Major Venture Underway
The relationship, in the process of contract and closing
stages, should supply Ness with financial and consulting support
for multiple well development within the prolific Barnett Shale
play in North Central Texas. The commitment by both parties to
move forward is the product of meetings in New York and London,
and should permit Ness to undertake a multi-million dollar joint
effort in the months ahead.
The Memorandum calls for the group to participate with Ness
Energy, through its operating company, to drill approximately 30
horizontal wells on acreage held by Ness in the Barnett Shale. The
total acreage package involved is around 4,500 acres, and consists
of properties located in Parker, Palo Pinto and Erath counties of
North Central Texas. The Memorandum also calls for the closing of
all related agreements early in the second quarter and is subject
to various deal conditions.
Sha Stephens, President and CEO of Ness stated, "This
arrangement, or partnership, has the potential to be a great
advancement for Ness. It should enable us to put further into
action our commitment previously made to our shareholders, to
generate substantial cash flow and to increase shareholder value
from production of hydrocarbons from our Texas prospects. All of
Ness' projects and plans are in support of our overall business
model: to see The Vision of the company come to pass."
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
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/