Bowling Green, Kentucky (February 13, 2014) – Encore Energy announced today that the company has plans to drill up to ten (10) wells in Kentucky to test multiple oil formations.
There have been a reported 790 million barrels of crude oil produced in Kentucky with over 300 million barrels of crude produced from four (4) counties in western Kentucky. The Kentucky Geological Survey estimates there may be as much as 1.2 billion barrels of crude oil remaining in Kentucky. The Mississippian limestones and Devonian dolomites of south-central Kentucky are also prominent producers of oil.
“The development of a multiple-well project targeting several oil formations in western and south-central Kentucky is the primary objective”, said Steve Stengell, Encore’s President CEO.
Encore is a proud member of the IPAA Independent Petroleum Association of America, Society of Petroleum Engineers and AAPL American Association of Petroleum Landmen.
The US government provides qualified industry investors the ability to deduct 100% of their IDC intangible drilling costs in the first-year against ordinary income. The IDCs typically represent 75-90% of the total investment providing tremendous tax savings.
For more information regarding Encore and its projects, please contact Joe Turner at (270) 842-1242, ext. 223 or Joseph Hooper at ext. 224.
This release contains forward-looking information and certain goals and/or timelines may or may not be achieved by the Company. There exist tremendous risk and uncertainty associated with oil and natural gas exploration and development. No assurances can be made as to the future production rates, reserves, etc. for any given project. It is impossible to accurately forecast oil and/or natural gas production rates, reserves, prices, lease operating expenses, etc. No assurances can be made that the company will raise the necessary level of funding and/or achieve results from future operations to make the proposed future operations herein profitable. Encore does not provide tax advice and participants should seek the advice of their tax professional. There may be additional risks associated with the Company’s operations not known at this time such as project cost overruns, environmental risks etc. This is not an offer to sell a security nor is it an offer to buy a security. An offer shall be made only to Accredited investors by a private placement memorandum, and this is not a private placement memorandum.
Phone: (270) 842-1242