LAS VEGAS, May 12 /PRNewswire-FirstCall/ -- Lexington Resources, Inc.
(OTC Bulletin Board: LXRS) (the "Company") reports that it has completed a new
horizontal Coal Bed Methane ("CBM") well, the Brumbaugh #1-10, which reports
initial production gas flows of 300 MCF/Day for immediate sale. The new
production is the second of up to 12-16 wells that can be drilled on the
Company's Coal Creek Prospect. The Brumbaugh #1-10 was drilled to a vertical
depth of 3,350 feet and a horizontal lateral section of 2,350 feet, the
longest lateral section drilled by the Company to date.
The Brumbaugh #1-10 well follows immediately from the successful drilling
of the Company's "LEX 1" located approximately 2 miles away on the same
prospect. The Company has an approximate 22% working interest in the
Brumbaugh #1-10 well; drilling interest partners electing to participate in
the well include Newfield Exploration Mid-Continent, Inc., a subsidiary of
Newfield Exploration Company, NYSE symbol NFX, ("Newfield") (33% working
interest), Chesapeake Exploration Limited Partnership (28% working interest),
and Pride Energy Co. (17% working interest). The Company's operator, Oak Hills
Drilling and Operating, LLC is the operator for the new well. The Coal Creek
Prospect is the third of six leased areas slated for development drilling by
the Company as part of the development of its Arkoma Basin gas production
initiatives.
The Company further announces that it has begun site preparations for
drilling on its South Lamar Prospect located in Hughs County, Oklahoma. The
planned "Goodson #1-23" CBM Hartschorne Coal targeted gas well is undergoing
drilling site preparations, road work, and pipeline planning. The Company has
a total of 1,144 acres in the South Lamar Prospect including deep rights to
other potential zones that the Company plans to explore including Woodford
Shale, and Caney Shale.
To date, the Company has implemented development of a total of seven wells
through its contracted operator, and participated in an eighth well -- the POE
1-29 drilled by Newfield. All wells drilled to date have reached the
completion stage and have been productive with immediate gas sales to market.
Company Lease Well Name Operator Status
/Prospect
Wagnon Kellster #1-5 Oak Hills Energy Producing
Wagnon Kyndal #2-2 Oak Hills Energy Producing
Wagnon Bryce #3-2 Oak Hills Energy Producing
Wagnon Calleigh #4-2 Oakhills Drilling Producing
and Operating
Panther Creek POE #1-29 Newfield Producing
Coal Creek LEX #1 Oakhills Drilling Producing
and Operating
Coal Creek Brumbaugh #1-10 Oakhills Drilling Producing
and Operating
South Lamar Goodson #1-23 Oakhills Drilling Drilling site
and Operating prepared
About Lexington Resources, Inc.: Lexington Resources, Inc. is a natural
resource exploration company engaged in the acquisition and development of oil
and natural gas properties in the United States. Its current operational
focus is on gas development initiatives in the Arkoma Basin, Oklahoma. The
Company continues to weight its development initiatives towards gas
production. For further information see: http://www.lexingtonresources.com
Contact North America: Investor Relations, Lexington Resources, Inc.
Phone: Toll Free 888-848-7377 or 702-382-5139 Fax: 702-385-1202
e-mail: info@lexingtonresources.com
Contact Europe: International Market Trend AG
Phone: 41 43 888 67 00 Fax: 41 43 888 67 09
Stock Exchange Information: Symbol: OTCBB - LXRS
Frankfurt/Berlin Symbol - LXR, WKN: A0BKLP, ISN: US5295611025
SAFE HARBOR STATEMENT
THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF
1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING
ADDITIONAL PROJECT INTERESTS, THE COMPANY'S ANALYSIS OF OPPORTUNITIES IN THE
ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER
MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE
UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE
RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN."
SOURCE Lexington Resources, Inc.
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Related links:
http://www.lexingtonresources.com
CONTACT:
North America: Investor Relations, Lexington
Resources, Inc., 1-888-848-7377, or +1-702-382-5139, or fax,
+1-702-385-1202, or info@lexingtonresources.com; or Europe:
International Market Trend AG, 41 43 888 67 00, or fax, 41 43 888
67 09
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