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lilsunshine33
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Westmont Divests Canadian Gold Mining Properties to Acquire Additional Oil and Natural Gas Leaseholds in the Marcellus Shale Region

Press Release Source: Westmont Resources, Inc. On Wednesday February 16, 2011, 4:02 pm EST
BELLEVUE, WA--(Marketwire - 02/16/11) - Westmont Resources Inc. (Pinksheets:WMNS - News) (Pinksheets:WMNS - News) today announced Westmont Resources, Inc., an independent oil and gas production company, announced today that it had finalized agreements to sell properties in British Columbia to Domestic Energy Corporation. The properties being sold are exploration lands that are located in known gold reserve regions.

The divestment by the company will allow it to refocus its finances and operations on oil and natural gas in the Marcellus and Chattanooga Shale play. The proceeds from this sale will allow Westmont to invest heavily in this massive shale play that has revolutionized the North American natural gas business.

Of the disposed-of properties and of the transactions, Westmont Chairman Dr. Bruce Fischer said: "Although these are excellent assets with a great future, they can't effectively compete for capital within our emerging strategic asset mix. The result is that these sales will help us focus on, finance and build our growing, higher margin and more profitable North American shale oil and gas business."

Using new technologies, in particular (Eco-Recovery4) which is proprietary to Westmont now enables it to more profitably tap oil and natural gas reserves own by the company. Without the benefit of these technologies the previous operators of these plays were unable to economically exploit the reserves. Preliminary estimates indicate that the value of the reserves these various shale plays could potentially reach in excess of $270 Million. This is based on the company's review of other assessments and production in the immediate areas. The company is finalizing confirmation of the true bankable reserves by a review conducted by a recognized independent oil industry geologist.

Westmont's portfolio, includes a significant Tennessee Chattanooga Shale play, joint ventures developing two significant blocks in the Marcellus Shale region including, 1,800 lease acres in Western Pennsylvania and 1,650 lease acres in West Virginia. "This is a strategic step toward extending our Marcellus natural resources operations and it's the right time because recent advances in our technology and continued enhancements will improve margins and profitability in our shale oil and gas properties," continued Fischer.

About Westmont Resources
Westmont Resources is an independent natural resource and development company headquartered in Bellevue, Washington, with principal operations in the United State. Westmont deploys the latest systems and methods, principally its own proprietary technologies, to expand the production of oil and gas in the face of ever-rising demand. Westmont's strategy of obtaining peak efficiency and production by unlocking the reserves from existing assets becomes increasingly profitable. Westmont Resources is committed to significant growth as it pursues its strategy to combine and consolidate additional assets and companies in the oil and natural gas production and services sectors. For more information about Westmont Resources Inc, visit the company's website at Westmont Resources Flash Intro

Posts: 119 | From: new york | Registered: Sep 2009  |  IP: Logged | Report this post to a Moderator
mrchipper
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$WMNS a lot of chatter tonight on after maket news ,

Westmont Resources, Inc. (OTCQB: $WMNS) ("Westmont"), announces today that it has completed the first and second of four laboratory tests required to begin field usage of "FracSolv™", our all-natural 100% biodegradable and environmentally safe fracturing solution for deployment in the oil and natural gas drilling industry.

FracSolv™ was developed exclusively for Westmont in a collaborative effort between NuEarth Corporation R&D, TerraSolv Laboratory, and the Avalon Group Ltd R&D. The FracSolv™ formula is loosely based on The Avalon Group Ltd's original AquaSolv™ product formulation which have passed all testing requirements currently being completed on FracSolv™. The final two laboratory tests required to complete prior to field usage are the 6 month freeze test and the 6 month degradable residual test due to complete on September 21, 2011.

FracSolv is a Surfactant based, Anionic Polyacrylamide (PAM) that acts as a stable colloidal particle dispersion solution. The micro-particles in FracSolv utilize the mechanism of disjoining pressure once the micro-particles encounter a discontinuous phase. FracSolv acts to separate oil and natural gas from the formation's surface, thereby accelerating the recovery of oil and natural gas reservoirs. The FracSolv solution has no systemic toxicity to any aquatic organisms or microorganisms and remains 100% biodegradable and environmentally safe throughout its useful product lifespan.



Looks like a typical bottom play news play imo, but worth a watch tomorrow

Posts: 119 | From: florida | Registered: Oct 2010  |  IP: Logged | Report this post to a Moderator
mrchipper
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Preliminary production on the leaseholds has 11 working wells, of the 120 currently drilled on the properties, producing .6 to .9 barrels of oil per day per well. Total daily production is averaging 7.7 barrels of oil per day from these 11 working wells. April production totaled 231 barrels or $23,331 in gross revenue from production.

Westmont anticipates placing into production an additional 33 wells by the end of May 2011 for a total of 44 working wells by the end of our fiscal year May 31, 2011. We anticipate revenue to increase to over $105,000 per month by the end of May 2011 from the production of these first 44 working wells. Upon completion of the first phase of our production program, Westmont anticipates having 170 of the 212 existing wells in production earning estimated gross revenues of $321,300 per month based on current oil pricing in excess of $90 per barrel.

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mrchipper
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$WMNS nice accumulation day on nice news today, look for possible continuation from here Westmont Resources, Inc. (OTCQB: WMNS) ("Westmont"), announces today that it has completed all requirements and has received final approved for a European Bond funding scheme developed in conjunction with Regency Financial Group Inc ("Regency") of Palm City, Florida. The financing will support Westmont's continued expansion and strengthen the company's growing technology development program. "We are excited about Regency's decision to assist our company and see this funding as a tremendous vote of confidence in our growth strategy," stated Dr. Bruce Fischer, Chairman of Westmont. "This investment will help accelerate our business plan and strengthen the development and implementation of our EcoRecovery4 ™ extraction technology system." "EcoRecovery4 ™, is a proprietary extraction process which combines industry disruptive technologies to optimize the recoveries of both oil from heavy formations and gas from shale. The facets of the EcoRecovery4 ™ include patented processes and devices as well as a uniquely formulated biodegradable and organic substance to enhance yields for both oil and gas production. Westmont is focused on "wringing value from" long-lived, low risk natural gas and oil properties. "Our current operations are centered on acquiring existing properties and extracting greater financial returns than previously realized through the application of our proprietary cutting-edge technologies," said Westmont's President, Glenn McQuiston. "Equally important - our systems, as opposed to the traditional alternatives, meet our goal of producing zero harm to people and the environment."
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Homersbud
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Another worthless pump...stay away from this moron.
Posts: 3026 | From: Chicago | Registered: Oct 2005  |  IP: Logged | Report this post to a Moderator
Homersbud
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G6stocks has been compensated $20,000 cash for a one day profile of WMNS by a third party

http://www.s tockgoodies.com/terms_of_use.php

Posts: 3026 | From: Chicago | Registered: Oct 2005  |  IP: Logged | Report this post to a Moderator
Homersbud
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Wow, $20k for a day and not even a single share has traded yet.

That is what I called a FAILED pump...LOL

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Homersbud
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-15%....LOL

Can you idiots pick any winners?

Posts: 3026 | From: Chicago | Registered: Oct 2005  |  IP: Logged | Report this post to a Moderator
   

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