Published: March 08, 2010
JayHawk Energy Inc. Provides Update on Drilling Program
POST FALLS, Idaho - (BUSINESS WIRE) - JayHawk Energy, Inc. (OTCBB: JYHW) announced it has commenced
drilling the first well of the Company's initial two well vertical oil
development program located at its Crosby Field in Divide County, North
Dakota. JayHawk is the operator of the well on its own behalf, and that
of its joint venture partners, and expects that each well will take
approximately 10 days to drill to total depth. This project begins the
development drilling program, previously announced by the Company, to
fully exploit the oil pool JayHawk believes exists within the Company's
Crosby, North Dakota holdings.
JayHawk's President, Marshall Diamond-Goldberg, commented, "We are very
excited about the potential which we believe exists at Crosby and which
has several highly productive analogue fields to the northwest across
the Canada/U.S. border. Should our wells be commercially successful, the
opportunity exists for the drilling of a substantial number of
additional development locations on Company controlled lands."
JayHawk intends to follow the drilling of its first well with the
development of a second location utilizing the same drilling rig. It is
expected that both wells will be drilled and evaluated by early April.
About JayHawk Energy, Inc.
JayHawk Energy, Inc. is a managed risk, oil and gas
exploration/exploitation, development and production company with
activities focused on two major projects in the Cherokee Basin, Kansas
and the Williston Basin, North Dakota. For more information please visit www.jayhawkenergy.com.
Cautionary Note to U.S. Investors -- The United States Securities
and Exchange Commission permits oil and gas companies, in their filings
with the SEC, to disclose only proved reserves that a company has
demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and
operating conditions. We use certain terms in this press release, such
as probable, possible and potential, that the SEC's guidelines strictly
prohibit us from including in filings with the SEC. U.S. Examples of
such disclosures would be statements regarding "probable," "possible,"
or "recoverable" reserves among others.
Management hopes these transactions will bring additional value to the
shareholders of JayHawk Energy. There is no guarantee that the projects
that JayHawk has recently acquired will increase the value of its shares
of common stock, or that JayHawk will acquire rights to explore and
operate any other such projects, or that in the event that it acquires
rights to explore and operate other such projects, that these actions
will be successful or increase the value of JayHawk's common stock.
This press release may contain forward-looking information within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934, and is subject to the safe harbor
created by those sections. There are many factors that could cause our
expectations and beliefs about our plans to acquire additional
exploration or production properties, our plans to drill or our drilling
results to fail to materialize: competition for new acquisitions,
availability of capital, unfavorable geologic conditions, the complexity
of coal bed methane exploration and production, and prevailing prices
for natural gas and general regional economic conditions. JayHawk
assumes no obligation to update the information contained in this press
release.
Investor Contact:
Gross Capital, Inc.
Barry Gross,
361-949-4999
jayhawk@grosscapital.com
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