ness energy: rockoil
and
Arbuthnot Venture Report Significant Discovery: Commercial Production Tests Verified, Sales have Commenced
WILLOW PARK, TEXAS,
U.S.A./NETANYA, ISRAEL,
August 24, 2005 /PRNewswire-FirstCall/ — Ness Energy
International, Inc. (OTC BB: NESS) wholly-owned subsidiary
RockOil Energy of Texas, Inc., under project agreement with
Arbuthnot Holdings Ltd.,
announced production test results on its Jerome Respondek #1
well, which may indicate a commercially significant oil and gas
discovery. The Respondek is currently selling gas with
substantial potential revenues to benefit all project
participants.
Sha Stephens,
President of RockOil, which is under venture with Arbuthnot
Holdings Ltd., stated, “We thank Arbuthnot and its participants
for joining the venture to help make it happen. Our
accomplishment is a prime example of our work and investment
paying off. Finding and selling oil and gas is paramount for the
nation, our investors, and our shareholders." He further added
“Our accomplishment on the Respondek is a prime example of the
caliber of prospects we have been putting together. I am focused
on putting out news that tells what we have done. We continue to
work for our shareholders to build shareholder value through
increasing cash flow and adding assets. The “New Outlook” that
has been put in place and the increased professionalism and
focus of our organization since the beginning of this year is
and should continue to pay off.”
RockOil /Arbuthnot Commercial
Test Complete
Formal production testing appears to confirm a significant
discovery of oil and gas on the Respondek, located in South
Texas. Recent results include production of up to 2.2 million
cubic feet of gas and 30 barrels of oil and condensate per day
on a 12/64th-inch choke.
RockOil /Arbuthnot Commercial
Sales
Recent production results appear to verify substantial sellable
oil and gas. The well is complete, oil and gas is flowing, and
sales have commenced.
At present, the
well has the availability with our gatherer to flow up to 5.0
million cubic feet a day of gas. RockOil estimates near term
production without compression (an assistive procedure) will
probably stabilize at approximately 2.0 million cubic feet of
gas a day with up to 30 barrels of oil and condensate per day.
With compression added in the next 30 to 60 days, RockOil
estimates near term production may reach as high as 3.0 million
cubic feet of gas per day with up to 50 barrels of oil and
condensate per day.
Additional news
is that due to its high quality, the natural gas produced from
the RockOil Arbuthnot well should generally price at a premium
to other local natural gas production. Current indications are
the gas will be accepted in preference to other local
production.
Underlying Specs
The RockOil
Arbuthnot well (the Respondek) was re-worked to 13,500 feet
measured depth ("MD") and logged gas pay in what the venture
believes to be an Austin Chalk formation between 13,420 feet and
13,446 feet MD. The well was tested through 26 feet of
perforations between 13,420 feet and 13,446 feet MD (the entire
pay zone) at a flowing tubing pressure of 1,850 psi through a
12/64th-inch choke with a shut in tubing pressure
measured at 4,850 psi. Production from the well did not require
a hot tap, given currently in place infrastructure within 150
ft. of the well head.
About RockOil and Arbuthnot-
the Project
The project provides for RockOil to operate and pursue three
re-work/re-entry wells under contract with Arbuthnot, which is
an overseas participant. Arbuthnot is a 75% participant with
RockOil owning the remaining 25%. The Respondek is one of these
wells and appears at present to be a long term producer. The
venture participants actively cooperate to achieve their goals,
resulting in what may be substantial revenues for both RockOil
and the overseas participant.
Forward-Looking Statements
This news release includes forward-looking statements, such as
estimates. 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 companies. Important factors that
could cause actual results to differ materially from those in
such forward-looking statements are broad and some are
enumerated in the filings by Ness Energy with the Securities and
Exchange Commission. Undue reliance should not be placed upon
any forward-looking statements, and the companies undertake no
obligation to update those statements.
CONTACT:
RockOil Energy of
Texas, Inc.
Public Relations
(817) 886 - 0638