ST. PETERSBURG, Fla. - US Natural Gas Corp (OTC Pink:UNGS), an enery exploration company with operations in the Appalachian Basin is pleased to inform shareholders that the Company has increased production by more than two hundred percent on the first test well as part of its recently announced test pilot program on the Company's Wayne County, West Virginia natural gas development field.
The Company selected the R Shannon No. 5 well as the first well to address due to the consistently high production of fluid from the producing formation (Devonian Shale). Daily production rates prior to the down-hole work averaged 50 MCF/day. After all tubing was removed from the well, a submersible down-hole gas separator was installed at the end of the tubing before running it back down-hole. A 50 barrel fluid collection tank was set next to the well for fluid recovery and for determination if any fluid was crude versus salt water. After two weeks of monitoring gas production after completion of work, the R Shannon No. 5 daily production rates have averaged 178 MCF/day.
The advantages of the submersible down-hole gas separator are numerous and consist of: more consistent production with subs due to more consistent draw on formation, higher water volume capability with submersibles for wells with higher inflow, less downtime with submersibles, major savings on fuel, truck maintenance and pumper wages, and submersibles run only when need to so you have better electrical efficiency, just to name a few.
"We are very pleased at the initial production results for the R Shannon No. 5," said Wayne Anderson, President of US Natural Gas Corp. "With the results shown, we will most certainly be moving towards Phase I of our test pilot program in the coming weeks. The economics of rapidly increasing productivity will allow us to be more aggressive in our acquisition approach."
About US Natural Gas Corp
US Natural Gas Corp is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company's current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia with core assets consisting of 17,000 acres of mineral rights leases and interest in approximately 150 oil and gas wells. More information on US Natural Gas Corp can be found on the Company’s website at www.usnatgascorp.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Unaudited Annual Report for the year ended December 31, 2012, which can be found on the OTC Markets website, www.otcmarkets.com.
US Natural Gas Corp