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Article Excerpt
M2 PRESSWIRE-28 September 2007-otcstockexchange.com: MGLG, CYBL, CLIK, CHNG - OTCStockExchange.com Stock Alert(C)1994-2007 M2 COMMUNICATIONS LTD
RDATE:27092007
Rochester, NY - OTCStockExchange.com's "Stock Watch Alert" this morning are Magellan Energy Ltd. (Pink Sheets: MGLG), Cyberlux Corporation (OTCBB: CYBL), clickNsettle.com, Inc. (OTCBB: CLIK), China Natural Gas, Inc. (OTCBB: CHNG).
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Magellan Energy Ltd. (Pink Sheets: MGLG - http://finance.yahoo.com/q?s=MGLG.PK ) (Thu, September 27, 2007, 8:30am EDT) Magellan Energy Ltd., an independent oil and gas company, announced today that the re-work program has been completed and the results were positive for the Thomas L. Davidson Well #1 in Morgan County, Tennessee. We are pleased to announce that the well has been placed back into production generating 2BOPD (barrels of oil per day). Our earlier road work program to the site has been completed and the half-mile road to the well has been rebuilt.
Magellan plans to continue production on the well for the next 30 days at a rate of 2BOPD. Thereafter, we will commence the acid stimulation phase of the operation under the guidance of Ky-Tenn Oil Inc., the operators for this project. We will treat or frac the well after a month of current production. This procedure will fracture the formation, stimulate the well with acid under pressure which we anticipate will open up the channels allowing oil to flow and increase the well's productivity.
Magellan Energy's President, Mr. Akrivos, said, "We are extremely pleased that the Davidson well project is producing and will be a revenue stream for Magellan. Our combined efforts for re-completion projects have started to bear fruit. I would like to thank all of you who have supported us throughout this time. We look forward to adding further projects into our revenue stream and becoming entrenched in the oil and gas industry."
About Magellan...
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