Attached files
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| 8-K - Mesa Energy Holdings, Inc. | v208864_8k.htm |
Exhibit
99.1
Mesa
Energy Holdings, Inc. Provides Corporate Update
Dallas, TX, January 20, 2011:
Mesa Energy
Holdings, Inc. (the “Company”)(OTCBB: MSEH),anoil and gas
exploration and production company, provides an update on its Java Field natural
gas development project and its other corporate activities.
The
initial round of testing and analysis of the Marcellus Shale on the Company’s
property in the Java Field in Wyoming County, NYprovided a solid foundation
of data that strongly supports further development of the Marcellus in western
New York.Formation pressures and flow-back rates were much higher than expected
providing a clear indication of the potential of the resource. The
Company now believes that shallow horizontal drilling, as is currently being
done successfully at this depth in the Fayetteville Shale in northern Arkansas,
is ultimately what is needed to maximize the resource. However, the current
regulatory limits in New York regarding water volumes for hydraulic fracturing
have rendered that approach unfeasible for the time being. As soon as
the New York Department of Environmental Conservation has completed its
work relative to permitting of horizontal wells and is prepared to issue
permits, the Company expects to proceed with the next phase of development of
the property and the expansion of its acreage position in western New
York. In the mean time, enhancement of the existing wells and
pipeline systems in the field is ongoing.
As a
result of the above, the Company has redirected its focus and growth strategy to
aggressively pursue the potential acquisition of existing, producing oil
properties in the GulfCoast region in an effort to expand and diversify its
asset base.
“We have
identified a number of potential acquisition targets along the Texas and
Louisiana Gulf Coast and we are actively evaluating those properties as well as
various potential acquisition financing strategies,”said Randy M. Griffin, CEO
of Mesa Energy Holdings, Inc. “Several members of our management and technical
team have extensive backgrounds in the management and operation of properties of
this nature, so it is an easy and natural shift in focus for the
Company.”
About
Mesa Energy Holdings, Inc.
Headquartered
in Dallas, TX, Mesa Energy Holdings, Inc. is a growth-oriented, exploration
stage oil and gas exploration and production (E&P) company with a definitive
focus on growing reserves and net asset value per share, primarily through the
development of highly diversified, multi-well developmental and defined-risk
exploratory drilling opportunities and the acquisition of solid, long-term
existing production with enhancement potential.
More
information about the Company may be found at http://mesaenergy.us.
Forward-Looking
Statements
Certain
statements in this news release, which are not historical facts, are
forward-looking statements. These statements are subject to risks and
uncertainties. Words such as "expects", "intends", "plans", "may", "could",
"should", "anticipates", "likely", "believes" and words of similar import also
identify forward-looking statements. Forward-looking statements are
based on current facts and analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determined and
assumptions of management. Actual results may differ materially from
those currently anticipated due to a number of factors which may be beyond the
reasonable control of the Company, including, but not limited to, the Company’s
ability to locate and acquire suitable interests in oil and gas properties on
terms acceptable to the Company, the availability and pricing of additional
capital to finance operations and leasehold acquisitions, the viability of the
shale gas fields in the Appalachian Basin in western New York and the gas sands
of eastern Oklahoma, the ability of the Company to build and maintain a
successful operations infrastructure, the intensity of competition and changes
and volatility in energy prices. Readers are urged not to place undue
reliance on the forward-looking statements, which speak only as of the date of
this release. We assume no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may arise after
the date of this release. Additional information on risks and other
factors that may affect the business and financial results of the Company can be
found in the filings of the Company with the U.S. Securities and Exchange
Commission at www.sec.gov.
Contact
Information
Mesa
Energy Holdings, Inc.
IR@mesaenergy.us
Ph:
972-490-9595