Rock Energy Resources (RCKE) is an independent gas and oil company based out of Houston, Texas. In the early 1980’s, many independent companies abandoned prospective wells in the United States and turned to international and offshore opportunities. Rock Energy is taking another look at these untapped resources and is focused on acquiring the domestic offset and existing wells that show potential.
Rock Energy has an established set of criteria when evaluating prospective wellsites. The team utilizes the most advanced 2D and 3D imaging, micromagnetics and other interpretive tools to help uncover opportunities. Typically, properties must pass a minimum ten-times-return payoff to even be considered for development. The company’s objective is to develop onshore oil and gas sites that will not only pay off, but will pay off well. This is where the company’s dynamic duo performs their magic in the field. One team member is a “wellsite evaluation guru”, while the other has a 25-year track record in exploration.
The prospecting group is not the only one with years of experience to draw from. The expertise of the entire team of professionals at Rock Energy covers every niche of the oil and gas exploration and production industry. Rock Energy’s three key principals alone bring in a combined 50 years of experience in the industry. From project management to engineering, drilling to investments, and geophysics to accounting, all team members bring proven track records to the table.
Rock Energy currently has sites in Colorado County, Texas, and Santa Barbara, California. Rock Energy has a 100% working interest (WI) at the Pintail #1 site located in Upper Wilcox of the Garwood Field in Colorado County. The site has produced an initial flow rate of 300 MCFD (thousand cubic feet per day) and will payout by mid-September. The company is evaluating 8 square miles of 3D seismic overlay on the project acreage and has leased an additional property for drilling. The company also has a 100% WI in Pintail Flats #1 located in the Lower Wilcox of the Garwood Field in Colorado County. Subsurface mapping and 3D seismic data show the potential for 7 additional wells at the site, with total potential reserves of more than 5 BCF. Finally, Rock Energy has a 7% WI in both Orcutt and Casmalia Diatomite fields in Santa Barbara County, with an option to acquire 20% working interest at both sites.
Rock Energy’s unique approach of assessing abandoned sites is one that may help relieve the U.S. reliance on international oil and gas resources. As the initial sites move into production, Rock Energy plans to continue acquiring additional untapped resources and expand its revenue base.
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In a press release on Wednesday, July 16th, Rock Energy CEO Rocky Emery made several comments on the current status of the corporation. Rock Energy is a domestic oil and gas company looking to attain a sizable portion of the American oil industry.
Mr. Emery said, “In 2007, our senior leadership team mapped out an ambitious three-year plan of action providing for a phased execution strategy capable of propelling our Company to the forefront of the U.S. oil and gas industry. I’m pleased to confirm that we remain on pace to do just that. During the first six months of 2008, our team met mission critical milestones and objectives that have collectively served to define what we view as a clear trajectory path to long-term success and measurable value creation for our shareholders.”
Among the milestones spoken of by Mr. Emery was a first quarter reverse merger which took place just prior to the acquisition of 2.5-percent working interests in two California oil projects. The company has also applied to have its shares listed on the American Stock Exchange. In addition, the first half of 2008 saw the appointment of thirty-year energy executive Mark Harrington to the post of Vice Chairman of the Board. The company expects growth to continue in 2008, citing its intent to increase working interests in the Orcutt and Casmalia projects to twenty percent by year’s end.
“The energy markets are more than robust, helping to fuel our enthusiasm and optimistic outlook for Rock Energy Resources’ future performance.” Mr. Emery stated, “We intend to provide routine formal updates of our progress and will be participating in a number of upcoming financial and industry conferences and road shows to increase investor awareness of and appreciation for our Company’s promising future.”
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A Houston, Texas-based oil and gas exploration company, Rock Energy Resources, Inc. (RCKE.OB) announced today that it will be featured on an upcoming episode of national television show ‘The Economic Report.’
Rock Energy, which formed in 2004, uses the latest imaging technologies to access onshore natural gas and crude oil resources, an invaluable technique in today’s unstable and expensive energy environment.
“With oil over $100 per barrel and the shaky geopolitical picture abroad, America must look at energy resources in North America,” said Chief Executive Rocky V. Emery. “We know there are vast stores of untapped resources the others either left behind or simply lacked the technology to develop. Current technology now makes recovery of these resources feasible, and indeed, profitable.”
The Economic Report, hosted by Greg Gumbel, airs during the day on various news networks. An air date for the show featuring Rock Energy has not been announced.
Shares of Rock Energy were unchanged at $3.10 on Monday.
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Rock Energy Resources, Inc. (OTCBB: RCKE), today announced that the company has filed an application for approval to trade its common stock on the American Stock Exchange. The company is involved in the exploration, development and production of crude oil and natural gas. “The application for listing on the American Stock Exchange is a significant milestone for our company, and we are committed to working with the AMEX to meet its listing requirements,” said Rocky Emery, CEO of Rock Energy Resources.
Rock Energy also today announced that the company has entered into an agreement with Perm Energy Advisors Inc. for $40 million of equity financing, which will provide Rock Energy Resources, Inc. with the working capital needed for the next 12 months. “This is a big step for the company as we begin to execute our development plans for the California and Texas properties,” Rocky Emery added. In addition, the company is also working on other pertinent acquisitions to expand its reserve base and current cash flow.
Rock Energy was founded in 2004 as an oil and gas company based out of Houston, Texas. The company uses the latest technologies to seek untapped onshore natural gas and crude oil. Rock Energy Resources currently produces and sells natural gas and crude oil from Texas and California.
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