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Monogram Energy, Inc. Announces Acquisition of 70 Acre Lease
Market Wire, November, 2007
Monogram Energy, Inc. (PINKSHEETS: MGRA), an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties, is pleased to announce that the Company has agreed to acquire the mineral rights to the T.W. Marlin lease in Corsicana, Texas. The Company has made an earnest money payment, and expects to close the agreement in approximately two weeks. The T.W. Marlin lease comprises 70 acres with 12 wells. As part of the agreement, Monogram Energy also acquires a workover rig and water truck.
Billy D. King, President and CEO of Monogram Energy, Inc., stated, "This is a key acquisition for Monogram Energy. Acquiring the workover rig and water truck is especially helpful, and will enable us to get started with our program right away."
Corsicana is located in Navarro County, Texas. The first commercial oil well west of the Mississippi was drilled in Corsicana in 1894. There are currently around 700 producing wells in Navarro County, and many of them have been producing for 40 years. The county produces around 600,000 barrels annually.
About Monogram Energy, Inc.:
Monogram Energy, Inc. is an independent energy company engaged in the acquisition, development, and exploitation of oil and gas properties. The Company specializes in acquiring oil & gas leases with proven reserves that have the potential for increased production. Our goal is to maintain a high risk/reward profile, thereby enabling us to return the most value to our shareholders.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Contact: Billy D. King Email: info@monogramenergy.com Phone: 281-341-5255