Lexington Resources, Inc.
Lexington Resources, Inc. COMPLETES DRILLING PHASE OF PETTA #1 WELL IN COMANCHE COUNTY, TEXAS
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,
LEXINGTON RESOURCES INC. COMPLETES DRILLING PHASE OF PETTA #1 WELL IN
COMANCHE COUNTY, TEXAS AS PART OF JOINT EXPLORATION PROGRAM WITH DYLAN
PEYTON LLC.
Las Vegas, Nevada (USA) – October 5, 2006 – Lexington Resources, Inc.
(OTCBB: LXRS, Frankfurt, Berlin: LXR) (the “Company”) reports that the
drilling portion of the Petta #1 Barnett Shale test well has been completed
on exploration joint venture leases located in Comanche County, TX. The
well, drilled by the Company’s drilling affiliate, Oak Hills Drilling and
Operating, LLC (“Oak Hills), was drilled to a total measured depth of
approximately 6,000 feet and included an approximate 2,000 foot lateral
section. Initial testing and drilling log profiles indicate the presence
of hydrocarbons and petroleum liquids, which could mean oil. Further
testing will be required in conjunction with fracture stimulation of the
Barnett Shale zone in order to attempt completion of the well. Some area
pipeline development is also required.
The horizontal well was designed to test the Barnett Shale zone in
conjunction with agreements in place with the Company’s joint exploration
initiative announced earlier this year with Dylan Peyton, LLC. Under terms
of the agreement, the Company has a 45-50% net revenue interest in
approximately 5,670 gross acres of near contiguous leases with Oak Hills
established as designated operator for joint exploration development of the
new acreage.
Both Infinity, Inc. and the Harding have leases in the Comanche County area
in proximity to the Company’s acreage. Harding has drilled two Barnett
Shale test wells next to the Lexington Resources’ leases to date as part of
their exploration of the area.
The Comanche County joint exploration is in addition to, and separate from,
the Company’s 90-100% working interest in 2,637 net mineral acres of
Barnett Shale gas-target lease acreage in Tarrant, Parker, Hood, Palo
Pinto, and Jack, counties in the State of Texas.
This new joint venture in Comanche County brings the net acreage total to
be owned by the Company to in excess of 5,000 acres and further diversifies
the its portfolio of Barnett Shale acreage. The Comanche County acreage is
a step out from the evolving Barnett Shale fairway, but the 45-50% working
interest diversifies risk while obtaining a larger near contiguous land
package with both shallow and deep exploration rights. If successful
completion is made with the current test Petta #1 test well, as many as 40
additional horizontal Barnett Shale well locations could result with
current 125 acre spacing.
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
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 05.10.2006
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