CONCORD, ONTARIO--(Marketwired - March 24, 2014) -
//NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES//
Rockefeller Hughes Corporation ("Rockefeller" or the "Company") listed on the TSX Venture Exchange (TSX VENTURE:RHC), is pleased to provide the following operational update.
Halo Project, Eagle Ford Fairway, Texas: The Company's newest well, the Killough 2H, an Eagle Ford producing well, is now producing via a API 640 pumping unit and is currently producing on average 240 gross barrels per day of oil (120 BOPD net to the Company's working interest). As of today the Company has taken over operations from Encana Oil & Gas (USA) Inc of the Killough 2H well which is a 50/50 joint venture with Encana even though Encana paid for 100% of the drilling costs associated with this well. The Company has recently acquired a 40 square mile 3D seismic shoot in Halo and has retained an outside consulting firm to evaluate this data in order to optimize current Buda - Georgetown completions along with evaluating future Eagle Ford drilling locations.
Lee County, Texas: The Company is conducting an evaluation of prospects on its acreage position and is in discussion with several other companies regarding lease trades and/or drilling partnerships.
Other Projects: The Company is evaluating other drilling and development prospects in Texas with other oil companies in new areas. Future press releases will be forthcoming if negotiations are consummated.
Financial:
The Company recently completed its initial public offering and listed its common shares for trading on the TSX Venture Exchange on March 20, 2014. The Company raised $2,328,705 via the sale of 12,937,255 units at $0.18 each. Each unit consists of one common share and one warrant to purchase one common share at $0.25 each for a period of 24 months from the closing of the IPO.
"With zero debt and $4.2 million in cash in the bank, positive cash flow, coupled with daily average working interest production of 170 barrels of oil as well as highly prospective properties in Texas in the Eagleford Fairway and Lee County and the potential of other projects currently being negotiated, Rockefeller Hughes Corporation is poised for an exciting future", noted Company Chairman, Zoran Arandjelovic.
About Rockefeller Hughes Corporation
Rockerfeller is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties. The Company is listed on the TSX Venture Exchange under the symbol RHC. There are currently 65,024,211 shares issued and outstanding. For additional details please visit Rockefeller's website at www.rockefellerhughes.com.
Forward-Looking Statements
Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", 'may", "will", "project", "should", 'believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.