Lexington Resources, Inc.
Lexington Resources, Inc. announces drilling update
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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LEXINGTON RESOURCES, INC. OTCBB Symbol – LXRS,
Frankfurt/Berlin Symbol – LXR,
WKN: AØBKLP, ISIN:US5295611Ø25,
FOR IMMEDIATE RELEASE Las Vegas, Nevada June 8, 2006
LEXINGTON RESOURCES ANNOUNCES DRILLING UPDATE
Las Vegas, Nevada – June 8, 2006/PRNewswire-Firstcall/ — Lexington
Resources, Inc.’s (OTCBB: LXRS, Frankfurt, Berlin: LXR) (the “Company”),
announces the following with respect to drilling project interests in
progress:
Oklahoma
Gates 1-19 horizontal Coal Bed Methane (“CBM”) well: The Gates 1-19 well
has been completed by Orion Exploration, LLC with initial production of up
to 1.4 MMCF/Day. The Company and its Arkoma Basin CBM exploration-drilling
partner Dylan Peyton, LLC participate equally in the 11.25% working
interest and 8.91% net revenue interest in the Gates 1-19 well drilled by
Orion Exploration, LLC in McIntosh County, Oklahoma.
The Company and Dylan Peyton, LLC have 72 acres of the 640 acre section
undergoing drilling by Orion, which hold three other possible horizontal
CBM drilling sites with the same participation percentage. The acreage
forms part of the Company’s original 5,170 acre H-9 Prospect that is under
drilling development by Lexington Resources and Dylan Peyton.
Peyton 1-25 vertical CBM well: The Company’s Arkoma Basin exploration
partner Dylan Peyton, LLC has completed the drilling portion of its CBM
targeted vertical Peyton 1-25 well located on Lexington Resources’ South
Lamar lease in Hughes County, OK. The well encountered multiple possible
gas bearing sand zones in addition to the Hartshorne Coal target. Plans are
underway for completion in one of the gas bearing sand zones; acid
stimulation will be conducted this week and fracture stimulation (“frac”)
has been scheduled for next week as required. Tanks batteries and separator
equipment are being installed. The Company and Dylan Peyton, LLC each have
a 50% working interest in this well.
Nicole 1-23H and Dylan 1-24H horizontal CBM wells: The Company’s Arkoma
Basin exploration partner Dylan Peyton, LLC have started developing two
further Coal Bed Methane (“CBM”) gas-targeted horizontal wells, the Nicole
1-23H and Dylan 1-24H, also located on the Company’s South Lamar lease. The
Company and Dylan Peyton, LLC each have a 50% working interest in these
wells. The Nicole 1-23H is currently drilling the curve leading to the
horizontal section of the well bore and is scheduled for completion before
the Dylan 1-24H. The CBM gas target zones on the two new wells are
estimated to be approximately 2,800 feet deep.
Texas
Oliver Unit #1H horizontal Barnett Shale well: The Company’s wholly owned
drilling company, Oak Hills Drilling and Operating, LLC (“Oak Hills”)
continues its final completion work relating to the Oliver Unit #1H well
located in Tarrant County, TX. Oak Hills continues to recover frac fluid
from the well bore and has effected well cleanout and mechanical work. The
Company owns a 100% working interest in this well. The leased acreage has
enough room for at least a second horizontal Barnett Shale well.
Martin #1H horizontal Barnett Shale well: Oak Hills has completed the
drilling portion of all sections of the Martin #1H horizontal Barnett Shale
well located on Lexington’s Martin Cantrell Lease in Parker County, Texas.
The Company owns a 100% working interest in this well. The well will be
scheduled for frac and completion. Routine drilling rig maintenance will be
conducted on the Oak Hills drilling rig before moving the rig to the
Company’s Gilbert Lease.
Gilbert Lease Development: The Company’s 1,211 contiguous acre Gilbert
lease located in Palo Pinto County, TX is undergoing survey, settlement of
right of way damages, and drilling site location preparations in
anticipation of the drilling of a new Barnett Shale Horizontal well.
Evaluation of 3D seismic information obtained has resulted in development
planning that affects the entire lease. The Company’s 100% working interest
in the Gilbert lease can support up to 10 horizontal gas wells on 120 acre
spacing, so the seismic information obtained has aided the development of
engineering and geological planning for drilling operations. The Company
will log and evaluate other zones that may be located on the lease during
the drilling process owing to other non-Barnett shale production in the
area.
About Lexington Resources, Inc.: Lexington Resources, Inc. is a junior
integrated natural resource exploration company engaged in the acquisition
and development of oil and natural gas properties in the United States. Its
current operational focus is on gas development initiatives in the Arkoma
Basin, Oklahoma and the Dallas Fort Worth Basin in Texas. For further
information see: www.lexingtonresources.com
Contact North America: Investor Relations, Lexington Resources, Inc.
Phone: Toll Free (888) 848-7377 or (702) 382-5139 Fax: (702) 385-1202
e-mail: info@lexingtonresources.com
Contact Europe: International Market Trend AG
Phone: 41 43 888 67 00 Fax: 41 43 888 67 09
Germany: Toll Free Hot Line: 0800 0000754
Stock Exchange Information: Symbol: OTCBB – LXRS
Frankfurt/Berlin Symbol – LXR, WKN: AØBKLP, ISN: US5295611Ø25
SAFE HARBOR STATEMENT
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT TERM IS
DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF
1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY
HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS
REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED
IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED
OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS,
INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE
SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR
SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES
FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH
PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE
COMPANY’S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND
FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE
COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL
PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE
COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT
ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT
EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL
SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS
NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE
FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS
COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS.
ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND
INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO
ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE
ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN
AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S
PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES
FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE
OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS
RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE
SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE
WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.
(c)DGAP 08.06.2006
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