Doral Energy Corp. Adds 960 Acres of Adjacent Oil and Gas Properties to Existing 6,800 Acre Producing Oil and Gas Portfolio
15 July 2010 - 9:41PM
Doral Energy Corp. (OTCBB:DRLY) ("Doral" or "the Company")
announced today that it has closed on an additional 960 acres
adjacent to its existing production located within Southeastern New
Mexico. The acreage is comprised of three leases with a total of 17
wellbores and 1 salt water disposal well. Of the 17 wells, 4
wells are currently shut in. Current exploitation
opportunities include both infill drilling as well as re-work
candidates.
Management Comments
E. Will Gray II, Chairman & CEO of Doral, states,
"Management is pleased to close on this acquisition as it allows
Doral the ability to 'fill in the gaps' in certain sections that
will be crucial for future secondary recovery patterns. Within this
latest acquisition, Management is immediately working to identify
both work-over and re-frac candidates to enhance daily
production."
About Doral Energy Corporation
Doral Energy Corp. (OTCBB:DRLY) is an oil and gas exploitation
and production company headquartered in Midland, Texas. Doral
Energy Corp.'s strategy is to grow a portfolio of under-developed
production and exploitation assets with the potential for
generating near-term increases in existing production through
operational improvements, and longer-term development of proved
undeveloped reserves by infill drilling. Doral focuses on
identifying acquisitions that generate immediate cash flow from
production, but which also have strong proved developed
non-producing and proved undeveloped reserves that can be tapped
for significant growth. The prolific Permian Basin of Texas
and New Mexico is the geographic region of focus for the Company's
future acquisition activity.
Forward Looking Statements
In accordance with the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995, this news release
contains forward-looking statements that are not historical facts
and are subject to risks and uncertainties. Forward-looking
statements are based on current facts and analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determined, and assumptions of
management. Forward looking statements are generally, but not
always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "aims",
"potential", "goal", "objective", "prospective", and similar
expressions or that events or conditions "will", "would", "may",
"can", "could" or "should" occur. In particular,
there is no assurance that Doral will be able to further increase
shareholder value or increase market capitalization due to either
unforeseen markets conditions or the possibility of dilution in
order to execute upon the Company's business model. Additional
information on risks for the Company can be found in the Company's
filings with the US Securities and Exchange Commission.
CONTACT: Doral Energy Corp.
Brad Holmes
(713)654-4009
Cell: (713)304-6962
b_holmes@att.net
Nine Greenway Plaza, Suite 550
Houston, TX 77046