SOURCE: Cascade Energy, Inc.

June 01, 2005 16:15 ET

Cascade Prepares to Drill Coyote Creek Gas Play, California

SACRAMENTO, CA -- (MARKET WIRE) -- June 1, 2005 -- Cascade Energy, Inc. (OTC BB: CSCE) is pleased to announce that the preparations are now complete to begin drill testing the Coyote Creek Project in the northern Sacramento Basin, California. The Company is now waiting for a drilling rig to arrive on the leases.

Cascade has advanced the required funds to the operator for the costs to drill a 5,000-foot test well whose primary objective is at 4,000 feet in the Forbes sands. Cascade has paid for the drilling D.N.A. costs totaling $350,000. Under the terms of the farm-in agreement, Cascade will earn a 49% working interest in the project by drilling, casing and completing one exploratory natural gas well on the leased acreage. Additional completion costs that are estimated at $350,000 include construction of a two-mile pipeline. A drilling contract has been executed and the well is anticipated to spud in June, dependent on rig availability.

The Coyote Creek natural gas prospect is located at the northern end of the Sacramento Basin in Tehama County, California seven miles north of the Corning Gas Field that has produced approximately 8 Bcf gas from the Tehama Formation. The potential for Coyote Creek is estimated at recoverable gas reserves between 2 Bcf to 28 Bcf.

Safe harbor for Forward-Looking Statements:

Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Cascade Energy Inc. has little or no control.

ON BEHALF OF THE BOARD

Cascade Energy, Inc.

"Sam Johal" - President

Contact Information

  • Contact:
    Sam Johal
    1-888-359-9565