CHEYENNE, Wyo., June 9, 2006 (PRIMEZONE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD) today announced that it has sold its interest in the Kerr-1H project, located in Shelby County, Texas. The decision was recently made due to the prolonged wait time and difficulty already experienced in obtaining an appropriate rig to complete the drilling and the uncertainty in when such rig would finally arrive. Drilling was suspended in late December 2005.
"We had the opportunity to sell our position with no financial loss to the company, and decided that the proceeds from the sale would be better used by immediately increasing the production capabilities of our New Hampshire bio-diesel facility and other projects currently under review. We have enjoyed working with CG Operating, wish them well, and hope to work with them again in the future on some of their other projects," stated Aziz Hirji, President of Amelot Holdings.
About Amelot Holdings, Inc.
Amelot Holdings, Inc. is a diversified holding company focused on acquiring under-valued, high-growth firms and properties in the natural resource industry.
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Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.