KKPT KoKo Petroleum Inc (CE)

KOKO Petroleum, Inc. (PINK SHEETS:KKPT) announced today that the Boyd #1 well in the Barnett Shale has begun production after a successful completion. The Boyd # 1 began recording revenue on Thursday, January 30th and, as of February 5th, has sold 1,693 barrels of oil and 4 Million cubic feet of gas. KOKO Petroleum, Inc. has a 10% working interest. Ultimate recovery and reserve estimates have not been engineered as of this date, however, the operator feels that, based on initial production (IP) and current well-head pressures, the well will payback its working interest investment in a relatively short time frame. Rife Energy Operating, Inc. ("REO"), the operators of the well, have indicated that improvements in completions techniques have resulted in higher IP's for their Barnett Shale wells, which has also lead to sustained production. The Company has working interests in two of REO's wells and plans on participating in more wells in the next 90 days. The second well Inglish #2 is in the completion stage and the results of this well should be available in late February. REO, along with its affiliates, control approximately 8,000 acres of mineral interests in the Barnett Shale. They are actively continuing to acquire leasehold interests in the Barnett Shale. Ted Kozub, President, states "We are pleased to have the opportunity to participate in REO's wells. They have a proven track record in the Barnett Shale for providing economical operations, while constantly exploring new methods and technologies to improve their performance. These participation projects are a part of KOKO's program to build a diverse portfolio of proven oil and gas properties." Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications which may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. KOKO Petroleum, Inc. (PINK SHEETS:KKPT)