CRCL Announces Funding to Drill New Well and Provides Operational Update
FORT WORTH, Texas--(BUSINESS WIRE)-- Circle Star Energy Corp. (OTCBB: CRCL)announced today that, through their continuing financing commitment, they've received funds to move forward with their second well, the Lynd 36-2, in Trego County, Kansas. Drilling operations for the Lynd 36-2 well are scheduled to begin the first week of February.
CRCL CEO Jeff Johnson stated, "Circle Star Energy will have some very promising weeks ahead as we move forward to our next phases for both our initial well and our newest well. We are looking forward to announcing results for our initiatives while continuing to provide long-term, intrinsic value to our shareholders."
Additionally, CRCL's first well, the Lynd 36-1, in Trego County is in the completion phase and is anticipated to be on line by February 1, 2013. CRCL owns a 25% working interest and a 20% net revenue interest until payout at which time CRCL will convert to a 43.75% working interest and a 35% net revenue interest after payout in both the Lynd 36-1 and Lynd 36-2 wells. Circle Star Operating, a wholly owned subsidiary of CRCL, operates both wells in Trego County.
Since the 1920s, Trego County has been the site of several major oil discoveries producing 66,935,123 cumulative bbls according to the most recent data provided by the Kansas Geological Survey.
About Circle Star Energy Corp.
Circle Star Energy Corp. is a performance-driven exploration & production company that is developing exposure to high-impact, large scale oil & gas plays via operated and non-operated positions; while establishing and building a base of low-risk, solid return and operated working interests.
CRCL is continuing its efforts in expanding its exposure in Northwest Kansas, which is also being pursued by other energy industry participants such as Chesapeake Energy Corp. (NYS: CHK) , Encana Corp. (NYS: ECA) , SandRidge Energy Inc. (NYS: SD) and Apache Corp. (NYS: APA) .
For more information on CRCL's unconventional resources initiative, please visit http://www.circlestarenergy.com/investors/stock-information.
For further information, news and updates, visit Circle Star Energy:
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. 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, our use of proceeds, expectations related to our vision and strategy and our plans for growth and increase of shareholder value. 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 new business opportunities and development stage companies and the possibility that certain acquisitions will not close. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any 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. Although the Company has attempted to identify important factors that could cause the use of proceeds to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
KEYWORDS: United States North America Kansas Texas
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