Topaz Resources Provides Update on Barnett Oil Project
December 09 2010 - 8:29AM
Marketwired
Topaz Resources, Inc. (OTCBB: TOPZ) is pleased to provide
shareholders with an update on the Barnett Shale and its oil
opportunities.
Oil & Gas E&P companies are increasingly focusing their
resources on more lucrative liquid-rich shale plays including the
Barnett, Bakken, Niobrara and Eagle Ford in search of higher value
tight oil deposits. Advances in hydraulic fracturing mean
recovering tight oil from shale plays is becoming more and more
economical and companies are rushing to acquire and exploit acreage
in the formations where this oil is contained.
The Barnett Shale is globally famous for sparking the
development of shale gas plays and transforming the natural gas
E&P business in North America and potentially in Europe and
Asia. However, it is now emerging as an oil play as well, often
referred to as the Barnett Combo shale oil play, where there is
both oil and natural gas in certain parts of the Barnett Shale
formation, particularly the north side of the Barnett Shale in
Montague and Cooke counties in North Texas.
In this oil leg of the Barnett, various fracturing techniques
have been tried and the procedure has developed to one different
than completing Barnett Shale gas wells. This has made the
development of the Barnett Shale oil formations very profitable,
particularly since oil remains in the range of $80 per barrel. One
large independent E & P company as drilled over 100 wells in
the Barnett Combo shale oil and gas play with production rates from
300 to over 1000 barrels per well.
Topaz is excited to join the new revolution of the shale oil
play and recently announced that it is in the process of
consolidating approximately 750 net acres in the oil leg of the
Barnett Shale in Montague County in North Texas.
About Topaz Resources
Topaz Resources is an independent oil and gas company focusing
on production, acquisitions and developmental drilling
opportunities within proven producing areas of north, central and
west Texas. The Company's website can be found at
www.topazresourcesinc.com.
Notice Regarding Forward-Looking
Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, the
development, costs and results of our exploration program at our
properties and any anticipated future production. Actual results
could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with petroleum exploration and
development stage exploration companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
such beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contact: Natalie Bannister Investor Relations 573.631.2193
azureriviera@gmail.com
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