BAKERSFIELD, Calif., Nov. 6, 2009 (GLOBE NEWSWIRE) -- Cheyenne Resources Corp. (OTCBB:CYRS), an emerging company focusing on major exploration and production reclamation projects in the oil and gas sector, today reported that it currently is in negotiations to secure 1,000 acres of property in Abilene, Texas.
The site has reported reserves of 15.7 million barrels of oil at depths of less than 1,000 feet. There are 11 additional zones on the property with recoverable crude at depths of 500 to 4,500 feet.
"Upon successful completion of negotiations," states Cheyenne Resources President Thomas J. Cunningham, "re-work will commence immediately. Within six months, we expect production of 150 barrels of oil per day. At a price of $70 per barrel, that would yield revenues of approximately $315,000 per month, or nearly $4 million annually. Cheyenne Resources will have an 80% working interest in this property."
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive products; pricing and new technology; changes in consumer preferences and tastes; effectiveness of marketing; changes in laws and regulations; fluctuations in costs of production; and other factors as those discussed in the company's reports filed with the Securities and Exchange Commission from time to time, available at www.sec.gov. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.