Published:
Maysia Resources Corporation Announces Acquisition of Interest in Fayetteville, Arkansas Shale Gas Play
Maysia Resources Corporation (OTCBB: MYAR)
("Maysia" or the "Company") is pleased to announce that it has acquired
100% of the Class A Interest of FS Sub-participation #1 LP (the
"Partnership") for and in consideration of the sum of $2,500,000.00,
subject to formal ratification by the general partner. The Partnership is
secondarily participating by sub participation in a 10% working interest
(the "Working Interest") in approximately 30,000 acres in the Fayetteville
Shale play located in Van Buren, Stone and Cleburne Counties, Arkansas.
Under the sub participation, the lead participant has agreed to pay the
Company's share of the 10% Working Interest proceeds received by the lead
participant from the operator.
The participants in the play are presently consolidating their lease
positions and plan to drill the first wells in late Q4 of 2006. It is
estimated that each well will be drilled at a cost of approximately $2
million, or $200,000 net to the interest of the Company. The horizontal
wells will likely be drilled on 80-acre spacing; fracture stimulated and,
if successful, will produce natural gas. There is a major (16") gas
pipeline within close proximity.
The Fayetteville Shale in Arkansas is now actively being developed for
shale-gas analogous to the successful development of the Barnett shale, as
many mid-continent gas producers consider this region to be the next
promising unconventional shale-gas play. The Fayetteville Shale Play is
currently being explored and developed by, among others, SouthWestern
Energy ("SECO") (with 880,000 acres), Chesapeake (1 million acres), Shell
(100,000 acres), Maverick (100,000 acres) and Hallwood (with 100,000
acres). SECO recently announced an increase their daily net gas production
for the Q2 period of 50 MMCF per day, up from 20 MMCF in Q1. SECO now is
producing from 148 wells (94 being horizontal) and it plans to drill
175-200 additional wells through 2007 (for a total investment of $325
million).
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 acquisition of oil and gas
properties and interests and our ability to become cash flow positive in
the short term to allow us to enhance and grow company assets. Actual
results could differ from those projected in any forward-looking statements
due to numerous factors. Generally, such factors include the numerous
inherent uncertainties associated with oil and gas exploration and,
specifically, the prospect of obtaining commercial gas production from the
Fayatteville property. 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, 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 reports on
Form 10-KSB, our quarterly reports on Form 10-QSB and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
ON BEHALF OF THE BOARD
Maysia Resources Corporation
Gordon A. Samson-Director
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
Daily News
Tags: ,Energy and Utilities:OilandGas, ,OTCBULLB,OTCBULLB,TX,DALLAS, TX
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