Lexington Resources, Inc.
Lexington Resources, Inc.:
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,ISN:US5295611Ø25
FOR IMMEDIATE RELEASE Las Vegas, Nevada March 30, 2006
LEXINGTON RESOURCES BEGINS SEPARATE ARKOMA BASIN COAL BED METHANE DRILLING
PROGRAM ON SOUTH LAMAR LEASE IN HUGHES COUNTY, OK
Las Vegas, Nevada – March 30, 2006/PRNewswire-Firstcall/ — Lexington
Resources, Inc. (OTCBB: LXRS, Frankfurt, Berlin: LXR) (the “Company”),
announces that the Company and its Arkoma Basin exploration partner Dylan
Peyton, LLC will spud their first Coal Bed Methane (“CBM”) targeted well in
the State of Oklahoma tomorrow. The Peyton 1-25 vertical CBM well on the
Company’s South Lamar lease in Hughes County, OK, represents the first
drilling of a comprehensive program to be conducted on this lease under the
joint exploration venture. The expected production from the single
vertical well, although not as prolific as horizontal drilling, is
estimated to allow the Company to drill remaining leasehold acreage at a
later date.
In order to maximize results, the Company plans to employ new methods for
stimulating CBM production. Based on successful testing conducted by the
Company, the Peyton 1-25 CBM well is targeted to be fractured (porous
underground fracture) hydraulically as part of the completion process. Past
CBM wells drilled by the Company were not facture stimulated as part of the
completion process. Fracture stimulation of Hartshorne Coal wells, which
are targeted here, has been innovated and refined by various companies in
recent months, providing better production efficiency and faster capital
repatriation.
The CBM gas target zones in this region are estimated to be approximately
2,800 feet deep, while shallow gas sands in the area that may be
encountered are also known to produce gas and estimated to be in the 1,000
to 2,000 foot depth range.
Two further horizontal CBM wells are scheduled to begin drilling before
April 21, 2006. The Dylan 1-24H and Nicole 1-23H horizontal CBM wells will
also be drilled on different sections of the Company’s South Lamar lease
with a second drilling rig. This will bring the total drilled inventory to
three wells on the South Lamar lease in less than 45 days. Further
direction on drilling targets will be guided by the drilling results of the
first three wells in the program.
Two drilling rigs provided by the Company’s exploration partner allow for
this fast deployment and simultaneous drilling on both vertical and
horizontal targets in different sections of the South Lamar Prospect.
Under the exploration joint venture between the Company and Dylan Peyton,
LLC, Lexington Resources contributes its current inventory of Arkoma Basin
Oklahoma CBM leases to jointly develop gas-producing wells with Dylan
Peyton, LLC on a 50/50 equal working interest basis. The Company’s
operating subsidiary, Oak Hills Drilling and Operating, LLC (“Oak Hills”)
will be utilized for well completion and service, as well as geological and
engineering work associated with the joint exploration.
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
or Phone: Toll Free 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 30.03.2006
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language: English
emitter: 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
indexes:
stockmarkets: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
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