LAS VEGAS, May 31 /PRNewswire-FirstCall/ -- Lexington Resources, Inc.
(OTC Bulletin Board: LXRS) (the "Company") reports that it has started
drilling the Ellis #1-15 horizontal Coal Bed Methane ("CBM") well located on
its Coal Creek lease in Hughes County, Oklahoma. The drilling is at a
measured depth of approximately 1,900 feet into the vertically drilled
section. The Company has an approximate 88.5% working interest in the well.
Minority working interest partners in the well include Newfield Exploration
Mid-Continent, Inc., a subsidiary of Newfield Exploration Company, (NYSE: NFX)
and Chesapeake Exploration Limited Partnership.
Drilling on this well has encountered a shallow "Bartlesville Sand" gas
zone that produced a significant gas flair upon testing of the zone. The zone
is being logged, and undergoing economic and geological study to assess
commercial potential of the new, non-CBM gas zone. A similar flair was
experienced in the same gas zone on the LEX 1, and Brumbaugh #1-10 wells. The
"Bartlesville Sand" gas zone is the first non-CBM gas target that has been
found as part of the Company's CBM targeted drilling program.
The drilling of the Ellis #1-15 well follows immediately from the
successful drilling of the Company's "LEX 1" and Brumbaugh #1-10 wells located
on the same prospect. 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.
To date, the Company has implemented development of a total of eight wells
through its contracted operator, and participated in an ninth 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
Coal Creek Ellis #1-15 Oakhills Drilling Drilling in
and Operating process
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.
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."
CONTACT: North America, Investor Relations of Lexington Resources, Inc.,
+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.
SOURCE Lexington Resources, Inc.
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Related links:
http://www.lexingtonresources.com
CONTACT:
North America, Investor Relations of
Lexington Resources, Inc., +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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