SOURCE: WGI Holdings, Inc.

March 04, 2008 08:30 ET

WGI Holdings (WGIH) Announces Future Recompletion Procedures on Wells in Oklahoma

HOUSTON, TX--(Marketwire - March 4, 2008) - WGI Holdings Inc. (PINKSHEETS: WGIH) has recently authorized recompletion workover procedures to begin on oil and gas wells in Oklahoma. WGIH has joint venture participation agreements with Monarch Resources of Oklahoma involving several existing wells that are set up as recompletion candidates to produce remaining unproduced oil and gas reserves.

Mr. Shindler, president of WGIH, says that these properties have been evaluated by oil and gas professionals to analyze the highest potential for producing hydrocarbons from multiple zones apparent on the well logs in these wells. For various reasons, these zones have not been produced to their full potential, and at the market prices for oil and gas today, these are excellent candidates for remedial workovers, equipment replacement and repair, formation cleanup and stimulation, and newly opened or perforated zones with possible hydro-fracturing procedures.

Mr. Shindler states that one of the first wells scheduled for these workovers is the Goffman #1 well in Garfield County. He also reiterates that this well has been previously evaluated to have good potential in the Mississippi and Oswego formations. And that a well workover plan has been designed for this project. One problem for the mobilization of this project has been the very wet and cold winter in Oklahoma this year. Since heavy equipment will be necessary for these procedures, it will preferable to wait until the weather improves long enough to have dry roads and locations.

WGIH management has recently attended the NAPE exhibition in Houston, Texas where thousands of petroleum industry professionals gather to discuss new industry technologies and present prospects between the many oil and gas companies for potential joint venture cooperation in high potential projects. Events like these have provided WGIH with many valuable contacts for new potential collaborations in Texas, Oklahoma and Louisiana.

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although Lucas Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.

Contact Information

  • Contact:
    WGI Holdings, Inc. - Houston, Texas
    Greg Shindler
    Ph. 713.213.9444
    Email Contact