King Resources Cancels Reverse Stock Split and Announces Offshore Gulf of Mexico Exploration Play Thursday June 8, 9:54 am ET 3-D Seismic Analysis Indicates Potential Gas Reserves of 250 Billion Cubic Feet First Investor Conference Call To Be Held the Week Of June 19, 2006
AUSTIN, Texas--(BUSINESS WIRE)--June 8, 2006--King Resources (OTC:KING - News), announced that it 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 the confusion regarding the reverse split, however, it is important to note that King's management sees new opportunities on a daily basis. ADVERTISEMENT
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.
Meet Management Conference Call
Management would like to invite all shareholders and interested parties to participate in a "Meet Management" conference call which will be accessible live, both by telephone and webcast. In addition to meeting management, current and future plans and projects will also be discussed. Management will make a formal presentation which will then be followed by a Question and Answer period. A Slide Show which will augment the presentation will be available for download on the day of the call from the Company's website. Management is currently coordinating the scheduling of the call with a Web conference call provider and intends to schedule the call during the week of June 19. Further details will be forthcoming.
About King Resources
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.
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 in the Oil and Gas industry 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, competition, and the early stage of exploration and 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.
King Resources can be contacted by calling Foster Hagen of Investor Relations at 512-334-6500, or Investor Relations at investorrelations*kingresources.net, or www.kingresources.net .
Contact: King Resources Foster Hagen, Investor Relations, 512-334-6500
-------------------------------------------------------------------------------- Source: King Resources
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King Resources, Inc. Announces Details of Previously Announced Reverse Split
By BusinessWire Last Update: 6/7/2006 11:33:01 AM Data provided by
AUSTIN, Texas, Jun 07, 2006 (BUSINESS WIRE) -- King Resources (KING) announced, through its CEO D. James Fajack, the Company, along with the NASD, is rescheduling its' planned 1-2 Reverse Split for June 14, 2006. The Company stated that the extra time is required to complete the necessary regulatory steps to effect the reverse.
Reverse Stock Split
On June 14, 2006, King's trading symbol will change, reflecting the reverse split, resulting in 74,219,902 shares outstanding. Each holder of King common stock will receive one share of common stock for each two shares of common stock held, with any fractional shares rounded upward.
Shareholders can contact King's Transfer Agent, PacWest Transfer, at (540) 675-3129, regarding their stock certificates.
About King Resources
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. Existing 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, and a Joint Venture agreement under the terms of 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.
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 in the Oil and Gas industry 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, competition, and the early stage of exploration and 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.
SOURCE: King Resources
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