In the news release, Rock Energy (OTC BB: RCKE.OB) Announces Gaffney, Cline Audit Results of Monterey Reserves in Orcutt Field, Santa Barbara County, issued earlier today by Rock Energy Resources, Inc. over PR Newswire, we are advised by the company that in the About Rock Energy Resources, Inc. paragraph, the website was incorrectly referenced. The correct company web address is "http://www.rockenergypartners.com/
Rock Energy Announces Gaffney, Cline Audit Results of Monterey Reserves in Orcutt Field, Santa Barbara County
HOUSTON, May 21 /PRNewswire-FirstCall/ -- Rock Energy Resources, Inc. (OTC BB: RCKE.OB), an independent domestic oil and natural gas company, is pleased to announce the results of an independent audit of Monterey reserve volumes only in the Orcutt Field located onshore in Santa Barbara County, California. The audit was specific to the Company's Monterey-producing asset and was conducted by internationally-acclaimed independent petroleum advisory firm Gaffney, Cline & Associates (GCA).
In addition to its production in the Monterey formation, Rock Energy Resources is active in the development of a significant and established resource base of reserves in the Opal A Diatomite in the Orcutt and Casmalia areas in Santa Barbara County. The resource base on these three properties is estimated to contain in excess of two billion barrels of oil in place.
The current GCA report focused only on the existing producing Monterey horizon, which is currently generating cash flow from ongoing production to support operations in the noted project areas.
In its report, dated May 12, 2008, which does not reflect prospective reserves from Orcutt and Casmalia Diatomite beds overlying the Monterey formation, GCA confirmed that oil reserves in this currently producing Monterey horizon, as of December 31, 2007, were as follows:
Rock Energy currently holds a 4.54% working interest (and an option to purchase up to 20% working interest) in the Orcutt project, as well as the Casmalia lease, where it is working with its operations partners to recover oil from the shallow Opal A Diatomite formation and is currently producing from the Monterey formation. Studies on the Opal A horizon at Orcutt and Casmalia suggest a possible recovery rate of 20% or more may be possible from the estimated two billion barrels of oil in place in these areas. Reserve analyses on the Orcutt and Casmalia Diatomite deposits are currently underway.
Commenting on the report, Rocky Emery, Chief Executive Officer of Rock Energy Resources, noted, "We are very pleased with Gaffney, Cline's reserve estimates which reflect solid, enduring value and strong cash flow from our Monterey assets, which we will use for our ongoing development activities for the Diatomite in this area. This is a meaningful underpinning of our credit quality for this very exciting opportunity."
Continuing, Emery added, "With steaming operations in the Diatomite horizon of the Orcutt field scheduled to commence very soon, continued production from the Orcutt Monterey formation will allow us to achieve optimized production economics in our planned recovery efforts involving Orcutt Diatomite, as well as production on our nearby Casmalia project."
About Rock Energy Resources, Inc.
Originally formed in April of 2004 as Rock Energy Partners LP, Rock Energy Resources, Inc. is an independent oil and gas company based in Houston, Texas. The Company is engaged in the exploration, drilling and recovery of onshore natural gas and crude oil resources using cutting-edge 3D technologies. Rock Energy currently produces and sells natural gas and crude oil from two locations: the Wilcox trend in Colorado County, Texas and the Monterey Formation in Santa Barbara County, California. For more information on the Company, please visit http://www.rockenergyresources.com/.
Safe Harbor Forward-Looking Statements
Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements made herein are not a guarantee of future performance. This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Rock Energy Resources, Inc., and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Maitland, FL 32751,
(800) 733-2447,Fax: (407) 644-0758,
info@redchip.com
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