HOUSTON, Oct. 26, 2006 (PRIMEZONE) -- Falcon Natural Gas Corp. (OTCBB:FNGC) has been advised by our operator (Petrogulf) that work is currently under way to drill our first well in the Wyandotte Prospect. This well (Hellenic 42 No. 1) will target the Discorbis Bol formation which an independent engineering report has estimated reserves at 26.182 BCF(1) of Natural Gas and is expected to reach a total measured depth of 17,200 feet. The location for the drilling rig is over 80% complete and the drilling operations are scheduled to commence later this month or early November.
Falcon Natural Gas Corporation, based in Houston, is a natural gas exploration company focused on the acquisition and exploration of commercial prospects in onshore areas of the USA. For more information, visit www.falcongas.com.
Founded in 1981, Petrogulf Corporation, a Colorado corporation, is a privately held independent exploration and production company with corporate offices in Houston and Denver. Petrogulf has grown from a minority, non-operated working interest entity to a fully staffed exploration and production company which operates in eight states and owns interests in over 2,000 wells. The company is actively engaged in the drilling and development of natural gas and oil prospects in the continental United States, with a primary focus in the West Coast, Mid-Continent, Rocky Mountain and Gulf Coast regions.
(1)BCF = Billion Cubic Feet
This news release may include forward-looking statements, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements contained herein.