Circle Star Energy Corp. (OTCBB: CRCL) is pleased to announce an update of activity on its Texas assets.
East Texas Woodbine
Production from the Stillwagon well exceeded expectations with a 30-day production rate of approximately 1,000 bopd. The Stillwagon well is operated by Woodbine Acquisition Corporation. CRCL owns a mineral interest in the well which represents approximately $16,000 of net revenue to CRCL’s interest for the month of October.
Eagle Ford Shale
CRCL received notice of pay status on three new wells (Woodward 1H, Blackmon 1H and Thomas 1H) producing in the Eagle Ford formation. All wells are operated by Chesapeake Energy Corporation. CRCL owns a combination of working interest and overriding royalty interest in the wells which represent approximately $1,500 per month of net revenue to Circle Star’s interest.
CRCL CEO Jeff Johnson stated, “Our Texas assets continue to show solid performance for CRCL shareholders. That said, the ability to substantially ‘move the needle’ in terms of oil production and overall performance lie in Kansas where we are hopeful to begin drilling activity by year end 2012.”
For more information on CRCL’s development initiatives, please visit http://www.circlestarenergy.com/investors/stock-information.
For further information, news and updates, visit Circle Star Energy:
About Circle Star Energy Corp.
CRCL 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.
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. (NYSE: CHK), Encana Corp. (NYSE: ECA), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
For more information about CRCL, please visit www.circlestarenergy.com.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Woodbine project, wells in the Eagle Ford Shale, timing for production in Kansas, expected opportunity and performance. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the possibility that future performance will not improve and delays in potential drilling in Kansas. 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 CRCL 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, CRCL assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.