WESTPORT, Conn., June 14, 2006 (PRIMEZONE) -- GSV, Inc. (OTCBB:GSVI) announced today that it has been notified that the working interest partnership of which its affiliate, Century Royalty LLC, is a member expects to commence drilling of two previously identified Texas gas prospects. The first prospect is anticipated to be drilled within the next two weeks and the second shortly thereafter.
As the costs of drilling these prospects are expected to exceed Century Royalty's carried interest in the working interest partnership, GSV expects that it may need to contribute cash of approximately $200,000 to preserve its participation rights in the first prospect and that an additional contribution of approximately the same amount will be needed for the second.
In the event that the wells drilled in these prospects are dry, GSV may decide to write off some or all of its interest in the geological studies that Century Royalty holds that pertains to the Texas prospects.
About GSV, Inc.
GSV, Inc. owns investments in oil and gas assets. In addition to managing its current assets, GSV is actively seeking new acquisition opportunities in this industry.
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