Brinx Resources — Operations Update
2008-08-20 08:30:00
ALBUQUERQUE, NM–(EMWNews – August 20, 2008) – Brinx Resources (
“Company” or “Brinx”) provides this update on operations, production, and
oil-field development plans.
Field operations have recently commenced in the Belmont Lake Oil Field in
Mississippi after interruptions due to the unusually severe flooding of the
Mississippi River from January to July 2008. The Company is pleased to
report that although production had been intermittently impacted by these
adverse weather conditions, Brinx’s operator still managed some production
at all times during the challenging conditions. Although revenue and cash
flows were not maximized from Mississippi, these revenues combined with the
revenues from the Owl Creek and the Three Sands projects located in
Oklahoma have permitted the company to be profitable for the last three
quarters and accumulate cash for future projects.
A workover rig is expected to arrive imminently, and will be used to
service the two existing Belmont Lake oil wells and will include the
installation of down-hole pumps. Oil production is expected to resume
within two weeks. The wells had previously flowed only on their natural
pressure, with the PPF 12-3 continuing to flow until mid June. The new
pumps are expected to increase and stabilize the production rates. The new
pumps are powered by compressed natural gas pressure and require no
electricity or mechanical power at the well locations, which it is hoped
will mitigate future interruptions in production due to seasonal ground
water flooding, etc.
Detailed plans including future well locations have been assembled and
reviewed. Data that will be generated from the production of the two
existing wells, as well as drilling data from any future wells to be
drilled, will all be used to optimize the development of Belmont Lake. At
this point, we expect that between 3 and 12 additional wells could be
drilled to fully develop this field.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing
North American oil and natural gas reserves. The Company’s current focus is
on the continued exploration and development of its land portfolio
comprised of working interests in the Three Sand Project in Noble County,
Oklahoma (40% interest); the Owl Creek Project in McClain County, Oklahoma
(42.5 to 70% interest); and the Palmetto Point Project in Mississippi (8 to
8.5% interest). Brinx Resources is seeking to expand its portfolio to
include additional interests in North America.
Leroy Halterman, President
The Company has no official gas or oil reserves at this time and may not
have sufficient funding to thoroughly explore, drill or develop its
properties. Statements which are not historical facts are forward-looking
statements. The Company makes forward-looking public statements concerning
its expected future operations, performance and other developments. Such
forward-looking statements are necessarily estimates reflecting the
Company’s best judgment based upon current information and involve a number
of risks and uncertainties, and there can be no assurance that other
factors will not affect the accuracy of such forward-looking statements. It
is impossible to identify all such factors but they include and are not
limited to the existence of underground deposits of commercial quantities
of oil and gas; cessation or delays in exploration because of mechanical,
operating, financial or other problems; capital expenditures that are
higher than anticipated; or exploration opportunities being fewer than
currently anticipated. Factors which could cause actual results to differ
materially from those estimated by the Company include, but are not limited
to, government regulation, managing and maintaining growth, the effect of
adverse publicity, litigation, competition and other factors which may be
identified from time to time in the Company’s public announcements and
filings.
For More Information Contact:
Brinx Resources Ltd. |
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