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| 8-K - GB SCIENCES INC | v204682_8k.htm |
Exhibit
99.1
Signature
Exploration and Production Corp. Commences Drilling on Frio Sands Target in
South Texas
HOUSTON,
TX — (Marketwire) – 12/06/10 — Signature Exploration and Production Corporation
(OTCBB: SXLP), an independent energy company engaged in the exploration,
development, exploitation and acquisition of oil and natural gas properties in
the U.S., announced today that drilling has begun on a 13,500 foot test well on
the 1,043 net acre Frio Sand target leased in South Texas.
The
target was identified through the acquisition of a 303 sq. mile 3D seismic
database. Signature Exploration and Production currently owns a 10% working
interest with an option of 10% on additional wells on the prospect.
“We are
pleased our operator has begun drilling at our Kenedy Prospect. Based on the
attractive sands formation and plentiful reserve potential, we are looking at a
rewarding cash-generating property,” said Steven Weldon, Chairman and CEO of
Signature Exploration and Production Corp.
The
Kenedy Prospect is located on 1,043 acres in Kenedy County, Texas. This
drill-ready prospect is a four way anticline with the potential of multiple pay
Frio Sands. The
Frio zones generally have higher permeability and porosity that lead to higher
flow rates.
About
Signature Exploration and Production Corp.
Signature
Exploration and Production Corp. is an independent energy company engaged in the
exploration, development, exploitation and acquisition of on-shore oil and
natural gas properties in conventional producing areas along the gulf coast of
Texas. Management's strategy is to continue making acquisitions of select
properties that have been identified as economically attractive, technically and
geologically sound and have significant upside potential.
This news
release contains forward-looking statements within the meaning of Section 27A of
the United States Securities Act of 1933, as amended, and Section 21E of the
United States Securities and Exchange Act of 1934, as amended. Statements in
this news release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans, expectations or
intentions regarding the future. These statements involve risks and
uncertainties, which could cause actual results to differ materially from those
in the forward-looking statements contained herein. Such risks and uncertainties
may include, but are not limited to, the impact of oil and gas prices, the
ability to manage growth and acquisitions, equipment or human resources, the
effect of economic and business conditions, the ability to attract and retain
skilled personnel and factors outside the control of the Company. These
forward-looking statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward-looking statements or to
update the reasons why actual results could differ from those projected in the
forward-looking statements. Although the Company believes that the beliefs,
plans, expectations and intentions contained in this news release are
reasonable, there can be no assurance those beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk factors disclosed
in the Company's periodic reports filed from time-to-time with the United States
Securities and Exchange Commission. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale
of these securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Visit
www.signatureexploration.com for more information
contact: Steven
Weldon
info@signatureexploration.com
888.895.3594