-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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BROOMFIELD, Colo., Jun 06, 2006 (BUSINESS WIRE) --
Fellows Energy Ltd. (OTCBB:FLWE), an oil and gas company focused on exploration and production in the Rocky Mountain Region, announced today that it has completed preparations and has mobilized equipment to perform workovers on the second and third wells in the 5,953-acre Carbon County project in Utah. Workover operations are scheduled for June 6 through 19 on those wells, after which the rig will move to begin workover operations on the second and third wells on the Creston project in the Uinta Basin in Utah. Fellows anticipates having use of the workover rig on a full-time basis as needed for both projects, and is currently negotiating to acquire a new drilling rig with the capability to drill to the depths that will be needed for the new wells in Carbon County and for its other projects.
Fellows anticipates increased production to result from the workovers of the Carbon County wells, to be followed by drilling of up to 20 new wells on the project acreage. These are the first in many steps aimed at increasing production.
At Creston, the Company has established stabilized production in the first of its 45-well Creston project following the installation of a variable speed drive. Fellows plans workovers on the next wells to commence on or about June 19, to be followed immediately by workovers on additional wells in the project using the same workover rig. The program wells are predominantly located in the Altamont-Bluebell Field.
The Company also announced today the appointment of Viraj Patel as a member of its Board of Directors. Mr. Patel has significant experience in the finance and banking industries, most recently with Fifth Third Bank, NA in Boca Raton, Florida, where he has worked to arrange commercial and real estate loans of up to $200 million in size. He has also developed relationships with a number of private investors in the energy industry, and will assist the Company in its ongoing activities in joint venture and private investor financing. Mr. Patel is a graduate of Dartmouth College, with a B.A. degree in Economics modified with Engineering.
"We are pleased to have Viraj join our Board, and are excited to work with him to plan and implement our growing production and cash flow and explore on all of our 230,000 acres," said Fellows' president, George Young. "Viraj will help us access private capital on favorable terms to compliment the $5.25 million we have recently raised from joint venture and private sources. With a full-time workover rig at our disposal, we now expect to complete our workovers and increase our production at a much faster pace. We are working now to obtain additional drilling rigs and equipment to follow the workover operations with drilling on a number of our other projects."
Posts: 200 | Registered: Mar 2005
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BROOMFIELD, Colo., May 30, 2006 (BUSINESS WIRE) --
Fellows Energy Ltd. (OTCBB: FLWE), an early stage oil and gas company focused on exploration and production of natural gas and oil in the Rocky Mountain Region, announced today that it has entered into a $1 million credit facility for the development and drilling of the Carbon County project, and also recently completed financing of $1.25 million for the Creston project.
Fellows' president, George Young, said, "With our growing production from two projects, we will continue to work to increase our revenue, pay off debt and strengthen our balance sheet. The credit facility will allow us to accelerate the development and drilling of our Carbon County project, and the recently completed workover financing of $1.25 million for the Creston project will facilitate further development on that project. Since March, we have raised $5.25 million in workover and joint venture acquisition financings to acquire and develop both the Carbon County and Creston projects. By using joint venture and other credit facilities, we have completed these financings without any dilution to shareholders. We expect to continue to increase cash flow while minimizing shareholder dilution."
Fellows anticipates increased production to result from the recent workover of the Carbon County operations completed on the first well in that project, along with workovers to be conducted in the near future on the other seven previously-drilled wells. These are the first in many steps aimed at increasing production.
At Creston, The Company has established stabilized production in the first of its 45-well Creston project following the installation of a variable speed drive. Fellows has completed its evaluation of the next wells to be returned to production, and is making arrangements for additional drilling rigs and other equipment in order to facilitate completions of the workovers at a faster pace. The wells are predominantly located in the Altamont-Bluebell Field.
Posts: 200 | Registered: Mar 2005
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posted
They've lost a lot of investor confidence. Was trading over a buck a share 9 months ago!
Still, it is undersold.
I'll radar it. Watch it for a few days first.
Problem with oil companies, stikes are what you need to sustain a pps. Which means you have to drill fast and be lucky at the same time. At least until you are well established.
Bigfoot
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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definitely worth watching, but i think this thing will be under .10 before any discernable upward trend begins. hasn't even had two consecutive green days since early april.
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GLTA, The Phat Man Posts: 1236 | Registered: Apr 2006
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I'm thinking this is the bottom. I'm watching the movement and chart today and it is starting to level out and actually have some positive percentages.
Posts: 200 | Registered: Mar 2005
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does this have anything to do with that silly ad I keep seeing on this site talking about all the oil in the rocky mountains and how I should become a part of it?
posted
This is a technical play. Currently at .10 from a bottom of .07. One to consider. I got in today at .078.
Posts: 316 | Registered: Oct 2005
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