FT. LAUDERDALE, Fla., May 20, 2009 (GLOBE NEWSWIRE) -- EnerBrite Technologies Group, Inc. (Pink Sheets:ETGG), an operating oil and gas production company along with its wholly owned subsidiary Rebel Oil Company, announces its plan to implement an infill drilling and gas flood program. With an infill drilling and gas flood of the Weir sand, the Company should double existing production on the property. After the deep exploration wells are drilled and assuming one successful well, an additional unrisked net present value is estimated to be $24 million per well at an 8% discount factor. The Company intends to pursue further acquisitions in Kentucky to expand on its current interest in 76 oil wells in Johnson County.
"This is an example of how we intend to increase shareholder value through the implementation of our business model," said Jack L. Stapleton, President of EnerBrite Technologies Group. "We are truly optimistic about the growth potential of the Company."
About EnerBrite Technologies Group, Inc.
Headquartered in Fort Lauderdale, FL, EnerBrite Technologies Group, Inc., through its wholly owned subsidiary Rebel Oil Company, Inc., is engaged in the acquisition, exploration and development of oil and natural gas properties, with primary focus on properties in eastern Kentucky. The Company is a growing independent energy company with an experienced operating company with technological expertise to exploit existing oil reserves and exploratory natural gas resources on its properties in eastern Kentucky.
Forward-Looking Statement
Certain statements in this news release, which are not historical facts, are forward-looking statements. These statements are subject to risk and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those currently anticipated due to a number of factors which may be beyond the reasonable control of EnerBrite Technologies Group, including, but not limited to, the availability and pricing of additional capital to finance operations, including the longer term drilling programs and additional leasehold acquisitions, the viability of the oil and gas fields in eastern Kentucky, the ability of EnerBrite Technologies to build and maintain a successful operations infrastructure and to effectively develop producing oil wells, the successful negotiation and execution of cost-effective third-party gas drilling and distribution agreements for exploratory natural gas wells, the continued commitment of operators, future economic conditions and the volatility in energy prices. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Additional information on risks and other factors that may affect the business and financial results of EnerBrite Technologies Group can be found in the filing of EnerBrite Technologies Group with the Pink Sheets Electronic OTC Markets.