SOURCE: Energetics Holdings, Inc.

January 09, 2008 08:00 ET

Energetics Holdings, Inc. Announces Letter of Intent to Acquire Producing Wells

FORT WORTH, TX--(Marketwire - January 9, 2008) - Energetics Holdings, Inc. ("EHI") (PINKSHEETS: ENRH) today announced it has entered into a letter of intent to acquire approximately 90 oil wells from Allen Petroleum, Inc. Allen Petroleum, Inc. is a private company with over 13 years experience and is one of the most recognized names in crude petroleum/natural gas production in Oil City, Louisiana.

Based on preliminary projections and current production, the Allen wells have the potential of producing approximately 3,000 barrels per month.

The Allen wells, which are located in Caddo Parish, Louisiana, are in the same field as the Company's core lease acreage, as announced on September 10, 2007, which supports total recoverable reserves of approximately 900,000 barrels of oil. The Allen wells are part of Energetics' strategy to increase its footprint in Caddo Parish.

"With this acquisition, we are adding significant reserves and increasing our existing production/revenues in Caddo Parish, and our shareholders can now look forward to decades of profitability, in this area alone," stated Rodney Peterson, President of Energetics Holdings, Inc.

About Energetics Holdings, Inc.

Energetics Holdings, Inc. is an energy resource company that is committed to evaluating energy resource properties, the acquisition of existing production and subsequently, drilling oil and natural gas reserves in the mid-continent and gulf coast regions of the continental United States.

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • Investor Relations
    Tom Kudlawiec
    480-240-1700