Press Release Source: Apollo Resources International, Inc.
Apollo Resources Subsidiary Increases Natural Gas Production Friday January 27, 1:46 pm ET
DALLAS--(BUSINESS WIRE)--Jan. 27, 2006--Apollo Resources International, Inc. (OTCBB:AOOR - News) today announced that its wholly owned subsidiary, Mountain States Petroleum Corporation, has begun producing natural gas from a well in southeastern Utah which had been shut-in for approximately two years. The well has produced an average of 1,050 MCFPD (thousand cubic feet per day) of raw gas per day since being upgraded during the month of January, yielding an average of 525 MCF per day of saleable natural gas into the pipeline. ADVERTISEMENT
Workover operations on the well were completed during the last week of October 2005. The installation and upgrading of surface production facilities was completed on January 17, 2006. Gas production rates were increased from approximately 30 MCFPD during November 2005 to a sustained rate of 1,050 MCFPD this past week. Gas production from the newly productive well is transported by a Western Gas Resources pipeline to its Kirtland Gas Plant located in Kirtland, N.M. There, it is treated for hydrogen sulfide and other contaminants before being sold.
Mountain States Petroleum Corporation is an oil and gas exploration and production company which currently has working interests in over 200 wells, all of which are operated by the Company.
Apollo Resources International (www.apolloresources.com) is a public energy company focused on the acquisition and development of upstream oil and natural gas production assets. Additionally, the Company evaluates and develops existing and future alternative energy sources.
This press release may contain "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Statements of current oil and/or natural gas production figures should not be assumed to apply to future production figures.
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Insider trading was not done by upper management. They are listed as unspecified relation. There has been good news lately... probably a good buying opportunity.
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