The Company is updating guidance based on a number of key events that have occurred over the last 90 days, which include:
-- Proven success in the Orcutt Diatomite fields for the first three wells -- Recompletion of the Pintail #1 that will payout in 30 days -- Addition of a third property in the Santa Maria Valley that potentially has more than 900 million barrels of oil in place -- Increased interest in Orcutt from 4.5% to 7% and Casmalia to 7%, our first earned interest -- Progression towards earning up to its 20% interest in all three California properties -- Expectation to be cashflow positive by the fourth quarter of 2008
In addition to releasing the new financial forecasts, Rock Energy is
scheduled to present at EnerCom's 2008 Oil and Gas Conference in
About Rock Energy Resources, Inc.
Originally formed in April of 2004 as Rock Energy Partners LP, Rock Energy
Resources is a domestic oil and gas company based in
Natural gas projects include the Company's 100% working interest in the
prolific Wilcox trend in the
For more information, please visit www.RockEnergyResources.net
Safe Harbor Forward-Looking Statements
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made herein are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Rock Energy Resources, Inc., and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.
SOURCE Rock Energy Resources, Inc.