TULSA, Okla., Feb. 6, 2007 (PRIME NEWSWIRE) -- Deep Rock Oil & Gas, Inc. (Pink Sheets:DPRK) announced today that the preliminary results from the redevelopment of its Big Foot Field, through its ownership in Z2 LLC, have been favorable. It has a five well drilling program underway in the Big Foot Field in Frio County, Texas. As part of the $40 million field redevelopment funding package, one well has been drilled and completed, one well is currently being completed, one well is presently drilling, and two well locations are being staked for drilling using the rig currently in the field.
To date, the rework and stimulation program has increased oil production from the field by approximately 20%.
In addition, a natural gas gathering pipeline has been installed for the delivery of the associated gas produced from the oil wells. A gas contract has been negotiated, and sales of approximately 500 MCF per day should begin soon.
Deep Rock Oil Gas, Inc. owns 6.29% interest in Z2 LLC and also holds a 5.8625% net profits interest in the field.
C.R. Garner, CEO of Deep Rock stated, "We are very encouraged by the initial results of the redevelopment program and are confident of continued success in this field."
About Deep Rock Oil & Gas, Inc.
Deep Rock Oil & Gas, Inc. ("Deep Rock or the Company"), is an oil and natural gas exploration and production company and currently has working interests in 33 wells, ten of which are operated by the Company. By utilizing advanced recovery technologies, sound engineering and experienced and committed management, Deep Rock has developed a proven corporate growth strategy of identification, acquisition and development of domestic oil and gas reserves thereby reducing U.S. dependence on foreign oil.
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