SOURCE: Signature Exploration & Production Corp.

July 15, 2010 09:00 ET

Signature Exploration Announces Koliba Prospect Drilled to a Depth of 5,802 Feet

HOUSTON, TX--(Marketwire - July 15, 2010) -  Signature Exploration and Production Corporation (OTCBB: SXLP), an independent energy company engaged in the exploration, development, exploitation and acquisition of onshore oil and natural gas properties in the U.S., announced today it has received a report from its operator that drilling at Koliba Prospect Well No. 2. located in Victoria County, Texas has reached a depth of 5,802 feet. Plans are to drill to a total target depth of 6,800 feet, at which time the well will be tapped by the operator.

"Drilling operations at Koliba Well No. 2 are near complete, and we are now closer to beginning production at the well. We look forward to providing additional progress reports as soon as they become available. As it looks now, we are on schedule to tap the well no later than next week," said Steven Weldon, Chairman and CEO of Signature Exploration and Production Corp.

Signature Exploration owns a 15% working interest in the Koliba Prospect, a 173-acre lease located in the highly productive North McFadden Field near the town of Bloomington. The prospect is valued to contain $5.8 million in estimated oil and gas reserves based on current prices. The well is accessible from roads beginning at the intersection of Highway 59 and 185 in eastern Victoria County, Texas. The Company previously announced it expects to begin generating cash flows from the Koliba Prospect this summer.

About Signature Exploration and Production Corp.

Signature Exploration and Production Corp. is an independent energy company engaged in the exploration, development, exploitation and acquisition of on-shore oil and natural gas properties in conventional producing areas along the gulf coast of Texas. Management's strategy is to continue making acquisitions of select properties that have been identified as economically attractive, technically and geologically sound and have significant upside potential. Visit www.signatureexploration.com for more information.

This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and 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. These statements involve risks and uncertainties, which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of oil and gas prices, the ability to manage growth and acquisitions, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. 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 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.

Contact Information

  • Contact:
    Steven Weldon
    CEO
    Signature Exploration and Production Corp.
    888.895.3594