Monogram Energy, Inc. Announces Acquisition of Additional Mineral Rights in the Corsicana, TX Area
Thursday , October 04, 2007 06:00ET
RICHMOND, TX -- (MARKET WIRE) -- 10/04/07 -- Monogram Energy, Inc. (PINKSHEETS: MGRA), an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties, is pleased to announce that the company has acquired the mineral rights to the Warner-Wilson Lease located in the Corsicana, Texas area. The Company is planning multiple wells to be drilled at this location. This is in keeping with the company's intent to attain as much production as possible in the Corsicana area.
"This is our first of many leases we are evaluating for the New Well Program. With the conclusion of negotiations and closing of the Warner-Wilson Lease our Company is further positioning itself as an aggressive consolidator of oil properties," stated Billy King, President and CEO of Monogram Energy.
Mr. King continued, "Our Workover Program and New Wells Program are the key elements to our long-term growth plans and to have them both moving forward positions our Company ahead of timetables set out in our business plan."
Corsicana is located in Navarro County, Texas. The first commercial oil well west of the Mississippi was drilled in Corsicana in 1894. There are currently around 700 producing wells in Navarro County, and many of them have been producing for 40 years. The county produces around 600,000 barrels annually.
About Monogram Energy, Inc.:
Monogram Energy, Inc. is an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties. The Company specializes in acquiring oil & gas leases with proven reserves that have the potential for increased production. Our goal is to maintain a high risk/reward profile, thereby enabling us to return the most value to our shareholders.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
-------------------------------------------------------------------------------- Contact: Billy D. King Email: info*monogramenergy.com Phone: 281-341-5255
Source: Monogram Energy, Inc.
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