Vortex Resources Corp. (VTEX) Exercises Option on Fifth Well Following 100% Success Rate on Initial Drilling Program
Vortex Resources Corp. announce that it is exercising the option to drill its fifth well in Adams-Baggett Field in Crockett County, Texas. After successfully drilling three wells in the Adams-Baggett area and awaiting the results from the fourth well, the management of Vortex has decided to move forward with exercising the option to drill its fifth natural gas well.
Two of the previous three natural gas wells were successfully drilled and completed frac treatment on October 27, 2008. The third and fourth wells are anticipated to be successfully completed on or about December 5, 2008. Once completed, plans will be underway to begin drilling on the fifth well, which is also located in Crockett County.
“We are very excited about the direction we are headed with Vortex Resources,” stated Yossi Attia, CEO of Vortex. “The new President-Elect has been looking for alternatives to off-shore drilling and despite the downward turn of oil prices, natural gas has maintained its steady composure. We are confident more than ever, that with the new Presidential Regime and the shift of focus to onshore drilling, Vortex will be at the forefront of being a viable solution,” commented Mr. Attia.
“We would very much like to be in the position of some of the other independent natural gas companies, such as Anadarko Petroleum Corporation (NYSE: APC ), Chesapeake Energy (NYSE: CHK) and XTO Energy (NYSE:XTO). These companies have established a successful business model and that is something we are striving to do with Vortex,” concluded Mr. Attia.
Vortex Resources Corp. is an emerging natural resources company with current operations in West Texas. The Company’s focus is on the acquisition, exploration, development and production of oil, natural gas and minerals. The Company’s objective is to find, acquire and develop natural resources at the lowest cost possible and recycle its cash flows into new projects yielding the highest returns with controlled risk.
For more information please visit: http://www.vortexrc.com/