CONCORD, ONTARIO–(Marketwired – Oct. 7, 2014) – Rockefeller Hughes Corporation (“Rockefeller” or the “Company”) (TSX VENTURE:RHC) listed on the TSX Venture Exchange (“RHC”), today announced it is scheduled to spud the Pryor #1H Well on its Robertson County Halo Prospect later this month. The Pryor #1H Well will be the Company’s first operated well in the Halo Prospect since it assumed operatorship from Encana Corporation following consummation of the sale announced on April 29, 2014 of some of Encana’s East Texas properties located primarily in Robertson and Leon Counties to undisclosed third parties for approximately $530 million.
This well will be a dual lateral horizontal well targeting the Buda and Georgetown oil formations and will be drilled to a projected true vertical depth of approximately 8,000 feet, with a projected lateral length of 2,700 feet. The Company holds a 50% working interest inside the Halo Prospect, and the purchasers of Encana interest hold the other 50% interest. The well has been proposed to our partners and the Company plans to assume at least its proportionate share, if not all, of a 45% non-consenting interest of one of the two non-operators in this well.
“Rockefeller Hughes is excited about assuming operatorship of the Halo Prospect and drilling our first well as operator in this Prospect. Our portfolio of assets in Robertson and Leon Counties in East Texas offer us numerous targets in the Buda/Georgetown as well as in the Eagle Ford in Robertson County and the Woodbine in Leon County that we believe will demonstrate that Rockefeller Hughes is on track to deliver on its growth plan. The success of the Pryor #1H Well would be key to achieving our operational milestones in 2014 and to enhancing shareholder value,” added Mr. Arandjelovic.
Rockefeller Hughes is also participating with a small non-operated working interest in an Eagle Ford well currently being drilled in Lee County, Texas. The well is expected to begin producing in November.
The Company is pleased to announce that Mr. Gary Lancaster has joined Rockefeller as General Counsel. Mr. Lancaster has over 35 years of legal and land experience in various U.S. conventional and unconventional plays, including recent management of land operations in excess of 600,000 gross acres in the Eagle Ford and Marcellus plays with Mitsui E & P USA. Previous experience includes private law firm experience with Duane Morris and Baker & McKenzie as well as in-house general counsel experience with J. M. Huber Corporation’s Energy Sector. Mr. Lancaster earned a degree in Political Science from West Virginia University in 1976 and a law degree from the University of Miami in 1979.
In accordance with the terms of Mr. Lancaster’s employment contract, Rockefeller will grant an initial allotment of stock options to acquire up to 100,000 common shares at an exercise price of $0.395c per share. The option to acquire 100,000 common shares vests as to one-third on October 7, 2015, one-third on October 7, 2016, and one-third on October 7, 2017. Pursuant to the terms of the option agreement, the options shall be exercisable for a period of up to five years from the date of the grant.
Financially, the Company enjoyed strong sales growth for the year ended July 31, 2014 with volume and gross revenue growing by 30% over the previous year. Project operating costs per barrel remained virtually unchanged.
About Rockefeller Hughes Corporation
Rockefeller is an emerging junior oil and gas company engaged in the acquisition, exploration, development, and production of oil and gas properties. The Company is listed on the TSX Venture Exchange under the symbol RHC. There are currently 73,406,411 shares issued and outstanding. For additional details please visit Rockefeller’s website at www.rockefellerhughes.com.
Certain statements contained in this news release constitute forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, ‘may”, “will”, “project”, “should”, ‘believe”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements are based on reasonable assumption but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon.
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