FT. LAUDERDALE, Fla., May 15, 2009 (GLOBE NEWSWIRE) -- EnerBrite Technologies Group, Inc. (Pink Sheets:ETGG), an operating oil and gas production company, announced today that it expects to recover no less than 440,000 barrels of oil from proven reserves through its wholly owned subsidiary, Rebel Oil Company. This expectation is based on reports from the Company's engineering and geological firm, Kimbrell and Associates, LLC, a firm located in Baton Rouge, Louisiana. Kimbrell and Associates completed an extensive engineering and geological report which specifically sets forth the basis for our expectations that we should recover a minimum of 440,000 barrels.
The reserves are located in the Weir Formation and are produced from the shallow Weir sand at a depth of approximately 700 feet. Behind pipe gas reserves are also present in the Berea sand at approximately 800 feet. The Company expects to complete exploratory drilling for natural gas on the property during the next 12 months which is consistent with the Company's plans to begin production of natural gas and expanding its operation beyond its current oil production.
"The leases on our property have averaged over 400 barrels per month since 1995 and that is before our re-working and repair work began," said Jack L. Stapleton, President of Enerbrite Technologies Group. "We expect to produce oil from this property for many years to come."
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.