ALBANY, Ky., Oct. 21, 2014 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCQB:FCGD) announced today that the company began drilling two new oil wells on leases located in Clinton County, Kentucky.
On August 5, 2014, the company announced its intention to drill ten new oils wells on its current leases. These new wells mark the third and fourth wells scheduled within the current ten-hole drilling program. On October 17, 2014, drilling crews moved on both locations, utilizing drilling rigs owned by the company. Both holes were spudded on October 19, and on October 20 they were both taken to a depth of 360 feet and set with 7 inch casing. Both wells will have the casing cemented on October 22, and the wells will be drilled down into the anticipated production zones.
Clarence Parks, President of First Colombia Gold commented, "We are extremely excited about the prospects of these two wells. Based on historic production on these two leases, we feel that we could have outstanding production. We look forward to seeing results within the next week."
In addition to announcing the drilling of these two new wells, the company also updated shareholders on the progress of the first two oil wells drilled in this program. The company's first well had shows of oil at three different zones, all of which are now behind pipe. The company plans to perforate and test all three zones. The second well was extremely successful, with the well coming online at approximately ten barrels per day. The company stated plans to do an acid treatment and will continue to monitor its performance.
First Colombia Gold CEO Jason Castenir commented, "This drilling program is off to a really strong start. Our initial drilling success, combined with the fact that we are bringing so much of the old production back online, is working together to create a lot of energy for our company. It is an extremely exciting time for our employees and shareholders, and we anticipate that our production numbers will be strong."
First Colombia Gold Corp now has 45 wells across 20 leases that are actively producing oil. Shareholders can continue to monitor the drilling progress as it develops through the Company's website and social media outlets.
About First Colombia Gold
First Colombia Gold Corp. is a capital company focused on acquiring, developing and advancing natural resource, energy, and real estate projects in Europe, North America, and South America. Our business model is to acquire undervalued assets combining potential for building asset values and cash flow through leverage to improved operational efficiencies and development.
Our current activity focus is on oil and gas production in Kentucky as well as precious metal exploration in Montana.
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release, the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10k, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations form the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.