OAG Resources, Inc. Acquires Stake in 28,000 Acres in Eastern Kentucky to Develop With Hay Exploration
COLORADO SPRINGS, Colo., Nov. 14 /PRNewswire/ -- OAG Resources, Inc. and Hay Exploration are making a strong presence in Kentucky leasing 28,000 acres in Boyd, Carter, and Lawrence Counties. OAG has partnered with Hay Exploration to lease, explore and develop these properties in the coming months.
OAG and Hay just finished a Seismic shoot over the acreage and are currently drilling an exploratory well. These leases have historically had no production history due to a lack of natural gas pipelines on the property. New pipelines are currently under construction and due to be completed in early 2008.
OAG President Keith Welch commented that, "We face competition from some pretty big companies every day, so to be able to partner with Hay on such a large lease position at this time was an opportunity that I could not pass up. I know we are at least 1 year ahead of our competitors right now. Our Seismic shoot provided us with at least 5 prospects, and we made the decision to begin drilling immediately. We anticipate positive drilling results this week and then plan to launch a large drilling program that would begin within 30 days."
OAG and Hay are currently finishing a 45 well field development in Lawrence County Kentucky and are planning to drill 75-100 developmental wells and 20 exploratory wells including several basement tests in 2008.
About OAG Resources, Inc. OAG Resources, Inc. is a privately held company that explores and produces oil and gas properties throughout the U.S. with Investors, Industry and Institutional Partners.
Contact: Stephanie Simpson, 719-494-0871
Source: OAG Resources, Inc.
CONTACT: Stephanie Simpson of OAG Resources, Inc., +1-719-494-0871,
Web site: http://www.oagresources.com/