Lexington Resources, Inc.
Lexington Resources, Inc.: LEXINGTON RESOURCES ANNOUNCES BARNETT SHALE DRILLING UPDATE; COMPANY BEGINS DRILLING NEW HORIZONTAL WELL
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
LEXINGTON RESOURCES ANNOUNCES BARNETT SHALE DRILLING UPDATE;
COMPANY BEGINS DRILLING NEW HORIZONTAL WELL
Las Vegas, Nevada – May 23, 2006/PRNewswire-Firstcall/ — Lexington
Resources, Inc.’s (OTCBB: LXRS, Frankfurt, Berlin: LXR) (the “Company”),
announces the Company has started drilling the Company’s Martin #1H
horizontal Barnett Shale well located on its Martin Cantrell Lease in
Parker County, Texas. The Company’s wholly owned drilling company, Oak
Hills Drilling and Operating, LLC spudded the well last week after final
site preparation and seismic analysis was completed. Oak Hills is
currently drilling the vertical section of the well at depths in excess of
3,000 feet. Lexington owns a 100% working interest and 72.5% net revenue
interest in this well. The Company had previously obtained seismic data
from Devon Energy that was required to identify possible faulting in the
area of the lease to minimize drilling risk and for engineering of the new
horizontal well bore.
The Company is also in final completion stages of its Oliver Unit #1H
horizontal Barnett Shale well in Tarrant County, Texas. The Company has
previously conducted both perforation and fracture stimulation (“frac”) of
the Barnett Shale production zone and has been flowing back frac fluid and
formation water during the past month. The three-stage frac was conducted
by Frac Tech Services, LLC to stimulate gas production for marketed gas
flows. Approximately 58% of the frac load has been recovered. A compressor
station has been installed in conjunction with a re-circulating gas lift
system to aid recovery of fluids in the well. Final hook up to pipeline
for gas sales has been conducted. Gas production has been variable during
the past week with measured gas flow rates surging from nominal to 1
MMCF/day on an increasing trend. Management believes that more stable gas
flow will result after allowing for a longer flow back interval that will
remove water in the gas producing portion of the target zone.
The Oliver lease was acquired by the Company with a 100% working interest
and a 70% net revenue interest in the 312 acres obtained.
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: Too Free Phone 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 23.05.2006
—————————————————————————
Language: English
Issuer: Lexington Resources, Inc.
7473 West Lake Mead Road
89128 Las Vegas, Nevada Vereinigte Staaten von Amerika
Phone: +1 604 602 1125
Fax: +1 604 608 3399
email: grant@grantatkins.de
WWW: www.lexingtonresources.com
ISIN: US5295611025
WKN: A0BKLP
indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
—————————————————————————
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden