Sun Resources (ASX:SUN) Announce Record Oil and Gas Revenue In the US During March 2008Thursday April 17 5:02 PMSun Resources participates in the exploration and production of oil and gas within a highly prospective portion of the onshore South Texas, Gulf of Mexico (Gulf Coast) through a number of successful Joint Ventures. The Company's primary producing projects include the Flour Bluff Gas Project and Project Margarita in South Texas and the Lake Long Project, onshore in Louisiana, also on the Gulf Coast. Cumulative production and subsequent net revenues across Sun Resources' various producing assets achieved record highs during March 2008, with continuous production from all wells throughout the 31 days of the calendar month. Gross production from these assets has achieved average daily rates in excess of 7.0 mmcf/d gas and 137 bbl/day oil and/or condensate. Sun Resources' Net Royalty Interest (NRI) share of revenue from this production will deliver in excess of A$200,000 to Sun Resources for the month. This represents a two-fold increase on production and revenue for the corresponding period a year ago, and demonstrates the continuing success of the Board's strategy to increase revenue from the USA. Comment from Sun Resources' MD, Matt Battrick: "This outcome demonstrates another positive step toward delivering on our strategy to increase the US revenue stream over the next 12-18 months, providing the cash we need to reinvest in other high impact opportunities within our portfolio, particularly onshore Thailand." About SUN RESOURCES NL: Sun Resources NL is an Australian company, which is engaged in oil and gas exploration and investment. The Company operates in two segments: corporate administration and exploration. As of June 30, 2007, the Company participated in the drilling of seven oil and gas wells (six wells on South Texas Project Margarita prospects and one on a development project in the Lake Long Field area in Louisiana) and in a number of work overs and completions. Its exploration and production emphasis is on both oil and gas in conventional geological settings and within conventional reservoirs, principally located in Texas (Flour Bluff Gas Project, Project Margarita and Project Redback on the South Texas Gulf Coast), Louisiana (Lake Long Project) and California (Eagle Oil/Gas Development Project in the San Joaquin Basin). Its subsidiaries include Nieuport Pty Ltd, Sun Resources (New Caledonia) Pty Ltd, Sun Resources (NSW) Pty Ltd and Highland Petroleum Limited. Contact: Email: admin@sunres.com.au Telephone: 61 8 9388 6501 Facsimile: 61 8 9388 7991 Source: SUN RESOURCES NL Copyright (C) 2008 ABN Newswire. All rights reserved. |
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