DALLAS, Oct. 8, 2012 (GLOBE NEWSWIRE) -- Southlake Resources Group along with JBH Consulting Group announced today that production is now underway on its new oil well on the Betty Betz Lease in Ness County, Kansas.
The well is currently producing between 42-48 barrels of oil per day with minimal water.
The Betty Betz well was completed in late September with great results. During the first few days on pump, the well showed potential of producing well over 120 Barrels of Oil per day. The operator, along with the interest owners, decided for long-term reasons to produce the well at or around the 50 BO per day mark.
The well is one of several working interest positions both companies have in the area with Palomino Petroleum as their operator.
Cody M. Winters, President of Southlake Resources Group, said "I continue to be pleased with the drilling results and operating cost efficiencies we have experienced here. This type of success confirms our strategy to remain focused on developing this area of the central Kansas Uplift."
JBH Consulting Group President Brian Hudnall stated, "We expected this well to be a good one, but now that we are receiving initial flow data and production is underway, we feel even better about this particular prospect. Our business strategy moving into 2013 is to continue to develop the Central Kansas area with Palomino Petroleum."
About Southlake Resources Group:
Southlake Resources Group based out of Dallas, Texas is a private, limited liability company formed to provide working capital and partner with highly successful operators for domestic oil and gas drilling programs. For more information on this and other activities of the Company, see the Southlake Resources Group web site at http://www.southlakeresourcesgroup.com.
About JBH Consulting Group:
JBH Consulting Group is a private oil and gas company headquartered in Kansas City, Missouri. Further information can be found on the company's website at www.jbhconsultinggroup.com
Safe Harbor Statement under the Private Securities Litigation Reform Act on 1995- Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. Forward-looking statements in this document include statements regarding the Company's exploration, drilling, and development plans, the Company's expectations regarding the timing and success of such programs. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks associated with the oil and gas market. We assume no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Contact:
Cody M. Winters
(972) 395-5947
cmaxwinters@southlakeresourcesgroup.com
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