SOURCE: Monogram Energy, Inc.
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October 04, 2007 06:00 ET
Monogram Energy, Inc. Announces Acquisition of Additional Mineral Rights in the Corsicana, TX Area
RICHMOND, TX--(Marketwire - October 4, 2007) - Monogram Energy, Inc. (PINKSHEETS: MGRA), an
independent energy company engaged in the acquisition, development, and
exploitation of oil and gas properties, is pleased to announce that the
company has acquired the mineral rights to the Warner-Wilson Lease located
in the Corsicana, Texas area. The Company is planning multiple wells to be
drilled at this location. This is in keeping with the company's intent to
attain as much production as possible in the Corsicana area.
"This is our first of many leases we are evaluating for the New Well
Program. With the conclusion of negotiations and closing of the
Warner-Wilson Lease our Company is further positioning itself as an
aggressive consolidator of oil properties," stated Billy King, President
and CEO of Monogram Energy.
Mr. King continued, "Our Workover Program and New Wells Program are the key
elements to our long-term growth plans and to have them both moving forward
positions our Company ahead of timetables set out in our business plan."
Corsicana is located in Navarro County, Texas. The first commercial oil
well west of the Mississippi was drilled in Corsicana in 1894. There are
currently around 700 producing wells in Navarro County, and many of them
have been producing for 40 years. The county produces around 600,000
barrels annually.
About Monogram Energy, Inc.:
Monogram Energy, Inc. is an independent energy company engaged in the
acquisition, development, and exploitation of oil and gas properties. The
Company specializes in acquiring oil & gas leases with proven reserves that
have the potential for increased production. Our goal is to maintain a high
risk/reward profile, thereby enabling us to return the most value to our
shareholders.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: Except for historical information, the forward-looking matters
discussed in this news release are subject to certain risks and
uncertainties which could cause the Company's actual results and financial
condition to differ materially from those anticipated by the
forward-looking statements including, but not limited to, the Company's
liquidity and the ability to obtain financing, the timing of regulatory
approvals, uncertainties related to corporate partners or third-parties,
product liability, the dependence on third parties for manufacturing and
marketing, patent risk, copyright risk, competition, and the early stage of
products being marketed or under development, as well as other risks
indicated from time to time in the Company's filings with the Securities
and Exchange Commission. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.