WESTPORT, Conn., Oct. 5, 2006 (PRIMEZONE) -- GSV, Inc. (OTCBB:GSVI) announced today the successful completion of the Friendswood No. 2 RE gas well in Texas. GSV's subsidiary, Century Royalty, LLC, participated with a 11.98% working interest in the reentry and deepening of the well, located in Liberty County, Texas, to a total depth of 11,390 feet. The well was successfully completed in an upper Wilcox zone. The well is awaiting pipeline tie-in connections and production is expected to commence shortly after the connections are completed.
GSV is currently awaiting the completion of an independent engineering report to establish the estimated size and projected cash flow to be generated by the well.
About GSV, Inc.
GSV owns investments in oil and gas assets. In addition to managing its current assets, GSV is actively seeking new acquisition opportunities in this industry.
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and similar expressions. We cannot guarantee our future results, performance or achievements. Our actual results and the timing of corporate events may differ significantly from the expectations discussed in the forward-looking statements. You are cautioned not to place undue reliance on any forward- looking statements. Potential risks and uncertainties that could affect our future operating results include, but are not limited to, our limited operating history, history of losses, need to raise additional capital, and the high risk nature of our business, as well as other risks described in our most recent annual report on Form 10-KSB filed with the Securities and Exchange Commission.
CONTACT: GSV, Inc. Gilad Gat (203) 221-2690