SOURCE: Aquatic Cellulose International Corp.

August 30, 2006 06:00 ET

Aquatic Projects Record Revenue for Fiscal 2007; Company Confirms Daily Production at Hamill Gas Field Now Exceeds 1.5 Million Cubic Feet

VERNON, BC -- (MARKET WIRE) -- August 30, 2006 -- Aquatic Cellulose International Corp. (PINKSHEETS: AQCI) today announced that it projects record revenues for fiscal 2007 (year ending May 31st, 2007) of $750,000. This would represent a 63.7% increase from the previous year of $458,000. This event would also mark the third consecutive year of record revenues for the Company since new management executed a strategic business transition from technology-based underwater timber recovery to oil and gas production and exploration.

Aquatic CEO, Mr. Sheridan Westgarde, stated, "Based on our production forecasts and anticipated natural gas prices, we expect 2007 revenues in the rage of $750,000. I am pleased to report that, as a result of our continued redevelopment of the Hamill gas field, daily production at this facility now exceeds 1.5 million cubic feet (1,500 mcf). The operations are running smoothly and we are on track to meet our production goals for 2007."

The Company reports that it currently has 5 producing wells at Hamill. In addition to the re-completion of existing wells, the Company has further identified 6 proven undeveloped drilling locations at the site. Westgarde added, "This is exciting news as it represents an opportunity to significantly boost our production capacity moving forward."

Westgarde concluded, "Our team is presently focused on re-completing an existing well bore at Hamill. Given our high success rate at re-completion, I look forward to providing additional updates on our progress in this important project."

About Aquatic Cellulose International Corp.

Aquatic Cellulose International Corp. (pending name change to Valor Energy) is an energy company engaged in oil and gas development, redevelopment, drilling and production. The Company owns non-operating interests in two oil and gas fields located in Texas. Aquatic is focused on the redevelopment of these fields and other fields with a proven track record of production while also expanding into exploration and development of new properties.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.

Contact Information

  • Contact:
    Aquatic Cellulose International Corp.
    Sheridan B. Westgarde
    President & CEO
    Investor Relations
    (503) 502-5104