BAKERSFIELD, Calif., Feb. 2, 2010 (GLOBE NEWSWIRE) -- Cheyenne Resources Corp. (Pink Sheets:CYRS), an emerging company focusing on major low risk exploration and production reclamation projects in the oil and gas sector, today provided the latest update on its joint venture with Oxalis Energy Group, Inc.
The company reported that, in phase one of their joint venture, it and Oxalis will focus on reworking 21 wells.
“What is very encouraging to us is that each of the 21 wells in this first phase are estimated to represent 200,000 mcf (mcf = 1,000 cubic feet) of natural gas reserves,” said Cheyenne Resources President Thomas J. Cunningham.
“Moreover,” he noted, “based on the high condensate associated the natural gas within this property, we will receive a 20% premium for the price of the natural gas production.”
“Six of the wells are in various stages of being reworked. These should begin producing within the next month, and announcements about their coming on line will be made. Following this, four wells per month will be reworked until the 21 total are completed.”
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