Northumberland Resources Inc. to Drill New Well
LAS VEGAS, NV--(Marketwired - May 13, 2013) - Northumberland Resources, Inc. (OTCQB: NHUR) is drilling a new well on its Sawyer Field Lease in Pratt County, Kansas.
The Sawyer Field has 19 wells of which 11 are currently producing. The Company sold a 30% WI in the field to its operator, Lasso Energy LLC and both companies have agreed to invest $140,000 in upgrading all the existing wells on the property.
The new well, the Larrison #5, has been reviewed by our consulting engineers and the swab tests have indicated 57% oil which could translate into up to 50 Barrels of oil per day. At today's world prices, this well could increase the Company's revenues by $1 million per year.
In addition to the Sawyer Field the Company has an excellent portfolio of oil and gas leases consisting of nine other producing oil and gas wells in Butler, Stafford and Cowley Counties in Kansas and is continuing its strategic growth through continued acquisition, exploration and joint ventures in new projects.
"Safe Harbor" Statement:
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. A complete "SAFE HARBOR: Disclosure" is listed on the Company's Website www.northumberlandresources.com under "Investor Relations."
