DGAP-News: First Pacific Completes Testing and Swabbing of Dildy Weigel Willis No. 1 Oil Well in South Arkansas
(firmenpresse) - DGAP-News: First Pacific Oil and Gas Company Ltd. / Key word(s):
Drilling Result
First Pacific Completes Testing and Swabbing of Dildy Weigel Willis
No. 1 Oil Well in South Arkansas
23.02.2012 / 16:34
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Peoria, Arizona - February 23, 2012 - First Pacific Oil and Gas Ltd.
(C2G.F) is pleased to announce that the operator of its Arkansas oil wells
has informed First Pacific that after perforating it has tested the Dildy
Weigel Willis No. 1 Well. The operator swabbed the well on three separate
occasions and was able to swab back a total of 50 Barrels of Oil. Based on
these results, the operator has decided to install an electric downhole
pump on the well. Installation and hookup to the holding tanks is expected
shortly, and the Company will disclose the results as soon as they are
available.
As previously disclosed by the Company, on May 13, 2011, First Pacific
signed an acquisition agreement with Avro Energy Inc., a Louisiana-based
public company, (ticker symbol: AVOE.OB) whereby First Pacific was granted
the right to earn a 50% working interest subject to royalties and operating
costs in 12 of Avro Energy's hydrocarbon wells in South Arkansas. In
accordance with the terms of this Agreement, First Pacific has paid Avro
Energy a total of $250,000 for the first 3 Wells. First Pacific is to make
a final payment of $800,000 in order to earn its interest in the remaining
9 wells.
About the ArkLaTex Oil-Producing Region
The ArkLaTex is a U.S. socio-economic region where Arkansas, Louisiana and
Texas intersect. The region is centered on the Shreveport/Bossier
metropolitan area in Northwest Louisiana. The region's history is heavily
linked with the oil industry. The geology associated with the deposition of
sediments from the Mississippi River, in particular, makes this area an
abundant source for the oil and gas industries, which leads to the high
levels of oil production within the region.
About First Pacific Oil and Gas
First Pacific Oil and Gas is an oil and gas company actively engaged in the
acquisition, exploration and development of oil and natural gas properties
in North America, with current oil and gas interests in Southern Arkansas.
First Pacific Oil and Gas is seeking to acquire leases and to develop
projects with Joint Venture partners in key regions in the ArkLaTex region.
More information about the Company is available at its corporate website at
http://www.pacificgasoil.com. Alternatively, shareholders can call the
Company directly at 602-507-9426 or send an email to
info(at)pacificgasoil.com.
Disclaimer&Safe Harbor Statement:
This release may contain certain 'forward-looking statements' with respect
to certain of First Pacific Oil and Gas Company Ltd.'s plans, goals and
expectations regarding its future financial condition, performance,
results, strategy and objectives. Words such as 'anticipates', 'expects',
'intends', 'plans', 'believes', 'seeks', 'estimates', 'may', 'could',
'would', 'might', 'will' and variations of these words or similar
expressions are intended to identify forward-looking statements. In
addition, any statements that refer to expectations, beliefs, plans,
projections, objections, performance or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. Forward-looking statements in this press
release are not promises or guarantees of future performance and are
subject to risks and uncertainties that could cause First Pacific Oil and
Gas Company Ltd.'s actual results to differ materially from those
anticipated. First Pacific Oil and Gas Company Ltd. cautions the reader not
to place undue reliance upon any such forward-looking statements. These
forward-looking statements involve known and unknown risks as well as
uncertainties, including those discussed herein as well as the following:
(i) domestic and global economic and business conditions; (ii) market
related risks and the performance of financial markets generally; (iii) the
policies and actions of regulatory authorities; (iv) the impact of
competitive factors; (v) risks and uncertainties associated with future
acquisitions or combinations within relevant industries; and (vi) changes
in capital, solvency or accounting standards as well as tax and other
relevant legislation or regulations in the jurisdictions in which First
Pacific Oil and Gas Company Ltd. operates. The actual results that First
Pacific Oil and Gas Company Ltd. achieves may differ materially from any
forward-looking statements which are based on management's beliefs and
opinions at the time the statements are made. First Pacific Oil and Gas
Company Ltd. does not undertake any obligation to update forward-looking
statements should circumstances or management's beliefs or opinions change.
Company Contact:
First Pacific Oil and Gas Company Ltd.
Charles Irizarry, Director
7558 W. Thunderbird Ste. 1-486,
Peoria, AZ, 85381
(602) 507-9426
info(at)pacificgasoil.com
www.pacificgasoil.com
End of Corporate News
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