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King Resources has executed a Letter of Intent with Capco Energy, Inc., whereby King will operate and earn a 50% working interest in Vermillion Blocks 112 and 113 by drilling a wildcat well to a total depth of 15,000 feet. Due to the acquisition of the prospect and other exploration opportunities, along with the company's small public float, a decision was made to rescind the previously announced reverse split. Management recognizes Related Pictures
Vermillion 112-113 (Click to Enlarge)
the confusion regarding the reverse split, however, it is important to note that King's management sees new opportunities on a daily basis. Vermillion Blocks 112 and 113 totaling 10,000 acres are located in federal waters approximately 30 miles off of the Louisiana coast in 40 feet of water. The seismic stratagraphic analysis of the prospective zones in this prospect exhibit a thick sand section with stacked amplitude anomalies which suggest potential multiple pay zones. The presence of gas, condensate and oil is expected based upon cores taken from a well in Vermillion Block 109, four miles to the northwest.
Geological and geophysical data based upon 3-D seismic indicate the probability of multiple gas, oil and condensate reservoirs down to a depth of 15,000 feet or deeper, with the possibility of potential reserves of approximately 250 billion cubic feet of gas. King will receive 75% of the net revenue until payout of the first well. Thereafter, all revenues and costs on this and subsequent wells will be shared on a 50-50 basis. The leases have a 20% royalty and override, leaving an 80% net revenue interest to King and Capco. The estimated drilling cost for the first well is $6.5 million with a projected total cost of $100 million to develop the field if the projected reserves are correct, of which $55 million of the total cost will be allocated to King.
King's team has extensive offshore exploration experience in drilling, designing production platforms and production. King's team has evaluated and developed projects in the Gulf of Mexico, the North Sea, offshore Nigeria, and other areas.
King Resources is a development stage Exploration and Production company. King's senior management and corporate advisors have over 130 years oil and gas experience. Three members have each held senior management positions in other public companies, including CEO positions in one NYSE Company and one AMEX Company, CFO positions in three NYSE and one NASDAQ companies, and Exploration & Production management in two NYSE companies.
In addition to the offshore blocks mentioned above, major assets include 170,000 linear miles of 2D Seismic along with over 1,000 old well data packages in Texas, Louisiana, and Mississippi, 100% working interest in approximately 2,700 acres in the Fayette Field, Jefferson County, Mississippi, a Joint Venture agreement under which it acquired a 50% interest with Carpathian Energy Companie Petroliera, SRL, in the Calinesti Field, in the Alexandria block, 100 kilometers southwest of Bucharest, Romania. The block covers 475 square kilometers (189,000 acres), and is south of the Hirlestti field complex and surrounds the Ninciulesti and Buzescu gas fields, and other areas of interest
Posts: 655 | From: Louisville,Ky | Registered: Dec 2005
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King Resources is an independent exploration and production company engaged in the acquisition, drilling and production of oil and natural gas in the United States and overseas. Principal areas of interest are the transition zone of the Gulf of Mexico, Louisiana, Mississippi, Alabama, New Mexico and Romania.
~Outstanding Shares: 154 million
~Approximate float... 34 million
PacWest Transfer, LCC PO Box 393 360 Main Street Washington, VA 22747
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Norris R. Harris, age 66, has been the President , CEO and a Director of Gulfport Oil & Gas Inc., a private oil and gas company that he formed in January, 1999. He had been an independent oil and gas operator and consultant to various independent oil and gas companies from 1993 to January 1999. Mr. Harris was Founder and President of Centex Oil and Gas Inc., (Name changed to Cenergy) which was listed on the NYSE and was Founder and President of Basin Exploration Inc., a subsidiary of Basin Petroleum Corp., (American Stock Exchange). Mr. Harris previously worked with Mobil Oil Corp., in the international division and worked in the North Sea, Libya, Turkey, the Hague, Austria, Nigeria and in Mobil Exploration's headquarters in Dallas, Texas where he worked on Africa, Southeast Asia and Latin America exploration projects. He is the father of Jonathan G. Harris.
Norris R. Harris was instrumental in the development of numerous oil and gas fields in Nigeria for Mobil Oil company where he developed seismic techniques, which drastically reduced the risk of drilling unsuccessful wells. Mr. Harris was the founder and president of Centex Oil & Gas, in Dallas which was later sold to Conquest Exploration in Houston for over $ 100 mm. Norris R. Harris' 45 years of experience in the industry and his experience in West Africa will help ensure the success of Ranjit K. Das who will be responsible for exploration and production. Their combined experience using the most advanced geophysical and geological methods will ensure that the optimum amount of oil will be produced from this permit. Ranjit K. Das has 21 years of experience worldwide in the exploration and development of oil and gas fields.
It is further announced that D. James Fajack, MBA, CPA has been retained to review the company's financials and to assist in the preparation of a new business plan for the company including participation in the negotiation of a financing package for the company.
Some background information on new CEO...
Mr. Fajack was, for 15 years, an executive and Chief Financial Officer of Remington Oil and Gas Corporation and its predecessors, highly successful oil and gas exploration and refining companies. He was instrumental from its inception, in helping to build Box/Remington into a profitable and viable oil and gas company....
D. James Fajack - Director and Chairman. He began his career with Ernst and Young. Had responsibility for Standard Oil of Ohio (SOHIO) and Ashland Oil Company. He is a CPA, with an MBA, and has served as Director and officer of several publically traded companies.
C. Douglas Smith has been appointed Vice President for Exploration and Production for the company.Mr. Smith was responsible for geophysics in the North Sea for Mobil Oil. Mr. Smith also evaluated and executed exploration and production opportunities for Mobil, including the North Sea and Egypt. Mr. Smith served as Vice President for Exploration and Production for Centex Oil & Gas Inc, a subsidiary of Centex Corporation (NYSE). Centex Oil & Gas revenues in the fourth year of operations were approximately $80 million per year and the company was ultimately spun off to Centex Corp shareholders as Cenergy onto the NYSE.
Posts: 655 | From: Louisville,Ky | Registered: Dec 2005
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It is a great play, checkout the ihub board, big money has been pouring in...
Posts: 655 | From: Louisville,Ky | Registered: Dec 2005
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