BAKERSFIELD, Calif., Sept. 15, 2009 (GLOBE NEWSWIRE) -- Cheyenne Resources Corp. (OTCBB:CYRS), which focuses on the potential for major exploration and production reclamation projects in the oil and gas sector, today announced that the company has entered into a joint venture agreement with Oxalis Energy Group, Inc., headquartered in Katy, Texas.
"This agreement gives us the opportunity to acquire the right to develop four potential oil and gas transactions," said Cheyenne Resources President Thomas J. Cunningham. "All of these projects are located in Texas.
"They include development of 200 natural gas wells -- in 10 well increments -- in Crockett County. Proven reserves at these sites are 100 billion cubic feet of natural gas.
"In Jim Wells County," Cunningham continued, "we will be focused on development of a secondary oil and natural gas recovery program that is comprised of 40 wells, with a 10 well at a time recovery program. This site has proven reserves of 30 million barrels of oil and 17 billion cubic feet of natural gas.
"In Taylor County, we plan development of a secondary oil and natural gas recovery program developed initially with five oil wells. Proven reserves approximate 3 million barrels of oil equivalent.
"As we noted earlier," Cunningham concluded, "we are involved in confidential negotiations on these projects and the properties on which they are located, and will provide further information on them as soon as possible."
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