COSTA MESA, CA--(Marketwire - 02/07/11) - Force Fuels Inc. (OTC.BB:FOFU - News) announces results of Oil Proven Reserves Report and land valuation. Independent study performed by Warpath Energy Inc, places proven Present Value on the Company's Kansas properties at $4,797,917.
The Force Fuels property consists of 13 contiguous properties oil and gas leases that make up approximately 2500 acres. There are 54 wells, mostly drilled to the Redd Sands formation.
Oscar Luppi, CEO of Force Fuels Inc., commented on the report: "Based on this report, the discounted net present value of the property, as stated in our yearly audited report is approximately 4.7 million dollars proving the validity of our acquisition and its potential. We expect our planned drilling program to drastically increase the reserves figures and property value."
Tom Hemingway, Interim CFO and Director of the company, explains: "We wanted to be extremely conservative in our Net Present Value calculation, so we took the industry mandated formulas and applied traditional well spacing parameters to make sure that values would not be overstated. We stand behind Warpath Energy Inc's calculations as both conservative and realistic."
The basis for estimating the proved producing reserves was the exploration of historical production. Analogy to adjacent Redd Sands wells was used for forecasting properties where sufficient production data were present for decline exploration.
About Force Fuels, Inc.
Force Fuels, Inc. operates in the energy field. Its strategy envisions the inclusion of projects involving oil, natural gas as well as alternative energy production using solar and wind power. In the oil and gas field the company is focusing on the purchase of marginally producing shallow oil wells which can be optimized with existing technologies; the purchase of leases with potential for additional drilling in proven producing areas; and the acquisition of in-house know-how to further optimize production through stimulation, refurbishing and site optimization.
More information can be obtained contacting the company at info@forcefuels.com
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, adverse economic conditions, intense competition, lack of meaningful research results, inadequate capital, termination of contacts or agreements, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products or programs and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Contact:
Contact:
Force Fuels, Inc.
(949) 783-6723
