CHARLESTON, W.Va.--(BUSINESS WIRE)--Cunningham
Energy has purchased all rights to the Buffalo-Peniel Oilfield from
Moser Group LLC, located in Jackson and Roane Counties, West Virginia.
The purchase includes over 2700 acres of contiguous leasehold covering
the total field area, along with multiple producing oil and gas wells.
???Cunningham Energy has identified this field as having strong shallow
horizontal oil potential along with deeper targets in the coming future.
Our company is actively identifying targets such as the Buffalo-Peniel
Field for active shallow horizontal development in the Appalachian
Basin,??? said Ryan
Cunningham.
Cunningham Energy expects to begin further field testing through
currently operating wells during the coming months to determine
horizontal targets on the leasehold. The Buffalo-Peniel Field was first
discovered in 1930 with the drilling of the Knopp R.L. #1 well.
About Cunningham Energy LLC
Cunningham
Energy LLC is a private independent production and exploration
company based in Charleston, West Virginia. The company was formed in
2008 for the purpose of acquiring, exploring, and producing oil and gas
in the Appalachian, Illinois, and Williston Basins. Since inception,
Cunningham Energy has relied on past experience in parallel with the
application of new technologies to succeed in the ever changing field of
efficient energy production. Cunningham Energy is positioned to take
advantage of current and future trends in oil and natural gas production
throughout these basins with aggressive but responsible decisions in the
coming future.
Certain statements contained in this press release constitute
"forward-looking statements" as defined by the Securities and Exchange
Commission. Such statements can be identified by the use of
forward-looking terminology such as "believe," "expect," "may,"
"should," "up to," approximately," "likely," or "anticipates" or the
negative thereof. These forward-looking statements are based on our
current expectations, assumptions, estimates and projections for the
future of our business and our industry and are not statements of
historical fact. Such forward-looking statements include, but are not
limited to, statements about our expectations regarding our financing,
our future operating results, our future capital expenditures, our
expansion and growth of operations and our future investments in and
acquisitions of oil and natural gas properties. We have based these
forward-looking statements on assumptions and analyses made in light of
our experience and our perception of historical trends, current
conditions, and expected future developments. However, you should be
aware that these forward-looking statements are only our predictions and
we cannot guarantee any such outcomes. Future events and actual results
may differ materially from the results set forth in or implied in the
forward-looking statements. The following factors, among others, could
cause actual results to differ from those set forth in the
forward-looking statements: general economic and business conditions;
exposure to market risks in our financial instruments; fluctuations in
worldwide prices and demand for oil and natural gas; fluctuations in the
levels of our oil and natural gas exploration and development
activities; our ability to find, acquire and develop oil and gas
properties, including the ability to develop prospects; risks associated
with oil and natural gas exploration and development activities;
competition for raw materials and customers in the oil and natural gas
industry; technological changes and developments in the oil and natural
gas industry; legislative and regulatory uncertainties, including
proposed changes to federal tax law and climate change legislation, and
potential environmental liabilities; our ability to continue as a going
concern; and our ability to secure additional capital to fund
operations. Additional factors that may affect future results are
contained in our filings with the Securities and Exchange Commission
("SEC") and are available at the SEC's web site??http://www.sec.gov.
Cunningham Energy LLC disclaims any obligation to update and revise
statements contained in this press release based on new information or
otherwise.