Kabe Exploration Inc. Announces Fortune as Operator of Kansas Mississippian Lime Acreage for Oil Dev
Jan 16th 2013 5:20AM
Updated Jan 16th 2013 8:05AM
Kabe Exploration Inc. Announces Fortune as Operator of Kansas Mississippian Lime Acreage for Oil Development
SAN DIEGO--(BUSINESS WIRE)-- Kabe Exploration Inc. (OTCBB: KABX) today announced that Fortune Oil & Gas Ltd. has agreed to be the operator for the Horizontal Mississippian Lime Oil Development in Cowley County, Kansas. Fortune (based in Willis, Texas) is a registered operator in Kansas, Texas and Louisiana. Fortune will be engaged in the upstream activities of developing and operating production for Kabe in a proposed development of up to 50 horizontal oil wells in the Mississippian Lime Oil Development.
Mr. Russell Vera is the President of Fortune Oil & Gas Ltd. He brings over 20 years of experience in the oil and gas industry in all facets of operations including prospect engineering and horizontal drilling. Furthermore, Mr. Vera's operational team has extensive experience in the application technological advances such as fracture stimulation design to develop oil and gas reserves. Results of Mississippian Lime horizontally drilled wells demonstrate the potential for 300,000 - 400,000 barrels of oil equivalent (Boe) per well at relatively shallow drilling depths of approximately 4000 feet with high oil quality of 35-38 degree API gravity.
Kabe Exploration Inc. is also moving forward with established industry partners in coordination with this process. Preliminary discussions have proceeded in a significant manner in order to form a comprehensive management team with the proven engineering and operational expertise for the planned oil development.
About Kabe Exploration Inc.
Based in San Diego, California, Kabe Exploration Inc. is an oil & gas exploration and development company that acquires mineral rights in prolific shale plays for production within the United States. Kabe's primary goal is to increase the value of acquired assets through a combination of exploration, horizontal drilling, and proven engineering extraction processes. The main emphasis is to continue to grow acreage holdings and work jointly with industry partners to develop these properties increasing production and reserves while controlling costs.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "intends, "plans," "should," "seeks," "pro forma," "anticipates," "estimates," "continues," or other variations thereof (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under "Risk Factors" and "Our Business." Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons.
KEYWORDS: United States North America California Kansas
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