HOUSTON, June 7, 2006 (PRIMEZONE) -- Falcon Natural Gas Corp. (OTCBB:FNGC) with Edwin S. Nichols Exploration, Inc. has completed the drilling of the first well in the planned development of the Pecan Station North Prospect.
Pecan Station North Prospect is an excellent low risk prospect located three miles north of the Pecan Station Field that has produced over 1.1 million barrels of oil from the Palo Pinto Lime. The Pecan Station North Prospect has multi-pay and multi-well possibilities in both the Palo Pinto Lime and the Harkey Sand, with both new well drilling and one re-entry/re-drill candidate.
The first well reached a total depth of 5,000 feet and has been logged and evaluated; casing has been run for completion operations. The completion operations will begin in the next 3-5 days.
Palo Pinto Lime wells in the Pecan Station Field with log characteristics similar to those found in this well have initially produced at rates ranging from 100 bopd to over 600 bopd and have averaged approximately 150,000 BOE per well cumulative production.
Falcon Natural Gas Corp. has purchased 75% of the working interest (55.80% of the net revenue interest). Falcon also will pay its proportionate share of all G&G costs, third party prospect fees, land brokerage costs, lease bonus and all other similar costs of the prospect as per the agreement with Edwin S. Nichols Exploration, Inc.
Falcon Natural Gas Corporation, based in Houston, is a natural gas exploration company focused on the acquisition and exploration of commercial prospects in onshore areas of the U.S.A. For more information visit www.falcongas.com.
Edwin S. Nichols Exploration, Inc., based in Meridian, Texas, is a privately-owned company incorporated in 1983. ESN has drilled, operated and/or participated in the drilling of hundreds of onshore wells in Texas, New Mexico, Kansas, Louisiana, and Oklahoma with industry partners including both major and independent oil companies, as well as private investors, and is the operator of the Hollins Prospect.