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WMNS
Press Release Source: Westmont Resources Inc. On Thursday November 4, 2010, 8:30 am EDT
BELLEVUE, Wash., Nov. 4, 2010 /PRNewswire-FirstCall/ -- Westmont Resources Inc. (OTC Bulletin Board:WMNS.ob - News) today announced that they have completed an agreement that will extend Westmont's reach and resources with the acquisition of 233 acres and 8 existing wells in the Marcellus Shale region in the southwest tier of Pennsylvania.
Preliminary estimates indicate that the value of the reserves associated with these 233 lease acres in Westmoreland County of Western Pennsylvania from the existing 8 wells located on the leases could amount to nearly $7.2 million. This is based on the company's review of other assessments and production in the immediate area.
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee. It is believed one of the richest natural gas fields in the World. In early 2008, geoscientist at Penn State Univ., and SUNY Fredonia estimated that the Marcellus & Chattanooga contains more than 500 trillion cubic feet of natural gas. These reserves represent more than 2 times the current reserves located in Saudi Arabia. The shale contains largely untapped natural gas reserves, and its proximity to the high-demand markets along the East Coast makes it an attractive target for energy development.
Westmont's portfolio, in addition to this most recent acquisition in the Pennsylvania Marcellus Shale region, includes development of three significant blocks in the Chattanooga Shale region in northern Tennessee consisting of 92 wells, an additional 1,800 lease acres with 60 existing wells in Pennsylvania, and an additional 1,650 lease acres with 60 existing wells in West Virginia. "Our specialty is applying cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins. These new Pennsylvania assets are an excellent fits with our existing core areas and will expand our portfolio," said Glenn McQuiston, Westmont's President.
"Our specialty is applying cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins. These new Pennsylvania assets are an excellent fits with our existing core areas and will expand our portfolio," said McQuiston.
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