WILLOW PARK, Texas and NETANYA, Israel, Feb. 18, 2004 (PRIMEZONE) -- Ness Energy International, Inc. (OTCBB:NESS) announced that the initial test of the Gurim No. 4 well in Israel is on schedule and will begin the week of February 23, 2003.
WORKOVER RIG READY
The past three weeks have been very busy for the Israeli employees of Ness Energy of Israel, Inc., the wholly owned subsidiary of Ness Energy International, Inc., as they have been refurbishing, repairing and bringing up to standard Ness' workover rig and all of its components. This is the rig that was purchased from Abjak Mazal, an Israeli oil and gas company that is no longer in business, back in July. As stated in previous releases, this equipment consists of a portable drilling / workover rig and all necessary components which allows the rig to be capable of drilling wells to 3500'. All of the work performed has been in preparation to ready the rig and train new personnel in anticipation of testing the Gurim No. 4.
GURIM No. 4
The Gurim No. 4 is one of 4 wells that was included as part of the recent purchase of LaHava Oil and Gas Ltd. This well has produced heavy oil (15% gravity) in the past and we feel it is capable of producing today.
Sha Stephens, President of Ness Energy International commented, "We are very excited that Ness is finally in a position to test this well. It is a well that is owned by Ness, we will be working with Ness equipment, which will be operated by Ness' own employees. If all goes as expected, the reworking of the "Ness Energy of Israel, Inc. Gurim No. 4" will be reworked and reconfigured in such a manner that the well will be able to produce oil by the time we have completed our test. Once this test is completed and the well shows that it is capable of producing oil, then, new production equipment will be put into place and production will begin making Ness a petroleum producer in the country of Israel. For Ness Energy this event represents a mile-stone of the past, but only a marker for the future," says President Stephens.
WELL ACQUISITIONS AND WALL STREET
Ness continues to push forward with several merger and acquisition candidates. The first of these transactions will close upon the return of the original contract by the seller. Ness plans to release the details of this acquisition as soon as these documents are signed. Our efforts on Wall Street and the investment banking community are beginning to bear the fruit of our labor. The capital realized by these transactions is giving Ness the wherewithal to go forward and close various deals as well as move forward with planned workovers which have been pending.
"The confidence of the financial community in our endeavors is evident by the various investors that we have been in contact with, and those firms that have already begun to fund Ness projects. This has been a confirmation to the fact that our business plan makes sense and that they have confidence that Ness will deliver."
OTHER NEWS:
Sha Stephens, President of Ness Energy International has written and is in the process of sending out his President's Letter. Many of the Ness Energy shareholders will be receiving this letter by mail. Those of you whose shares are held by a clearinghouse can request a copy from your broker or contact us at Ness Energy International, Inc. The President's Letter is also posted on our web page. In your browser window type in the address: www.nessenergy.com, then, click on the link that says "President's Letter."
About Ness -- The Vision
The current business of the Company is focused upon development and execution of oil and gas exploration plans with a focus both on pursuits in the petroleum rich State of Texas, and also in the Middle East, specifically Israel. Ness believes that Israel, in particular the southwest end of The Dead Sea, is a place where "Science and The Bible shake hands" and that Ness will achieve the vision of the location and recovery of an abundant source of oil and gas in Israel to supply Israel and the Christian communities with supernatural wealth.
Certain Information
Certain statements in this news release may contain forward-looking information and are based on Management's current expectations, estimates and projections subject to change. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements. Unless legally required, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The Company disclaims any information that is created or distributed by any outside party and endorses only information that is communicated by its official Press Releases.