Cantex Energy Corp. Provides Seismic Processing Update
22 August 2006 - 1:41AM
Business Wire
Cantex Energy Corp. (Pink Sheets:CTXE) reported today that the
fundamental objective in the Company's seismic program is to
determine where a structural closure might occur on its Big Canyon
Prospect, located in the Val Verde Basin, Terrell County, Texas
leasehold. It appears there is evidence of thrust rollover during
the early stages of processing, however, it is still too early to
pinpoint optimal drilling locations until processing of the seismic
data has been completed. Previous geological and geophysical
studies by Cantex Energy suggest possible structure rollover with
the show of natural gas from previous data compiled from wells
drilled in the early 1970's within the overthrust. To date, the
data processors have reported running three refraction statics and
have the final prep parameters. They are currently working on the
residuals and velocities, which we hope will proceed in a timelier
manner. Due to the increased volume of seismic work across the
country, most processing centers have large backlogs of data to be
processed and evaluated. Cantex is patiently awaiting the results
of its seismic shoot. Additionally, the Company reported that its
small working interest (2%) in the Brawner lease, Barnett Shale,
has been completed and is now online. The current rate of
production is approximately 1mmcf/day. Additional information
regarding the Company's progress will be released as developments
warrant. About Cantex Energy Cantex Energy Corp. is an independent,
managed risk, oil and gas exploration, development, and production
company headquartered in San Antonio, Texas. The Company's
additional focus is the optimal exploitation and development of
approximately 1,200 acres known as the West Ant Hills Prospect
located in Niobrara County Wyoming. Cantex Energy Corp. is a
Non-Reporting Company, quoted on the Pink Sheets, having filed a
Form 211 pursuant to Rule 15c211 under the Exchange Act, with the
NASD Compliance Unit. For real-time quotes, how to trade pink sheet
stocks, how to protect yourself and additional stock information,
please see www.pinksheet.com. Purchasing shares in Cantex Energy
Corp. involves a speculative investment with substantial risks, and
although the Company intends to use its best efforts to enhance the
value of the shares, there is no assurance that the Company's
operations will be successful. For more information about Cantex
Energy Corp. (Pink Sheets:CTXE) please contact Barry Gross, Phone:
361-949-4999, or visit the Company's website at
www.cantexenergy.com. Except for historical information contained
herein, the statements in this press release are forward-looking
statements that are made pursuant to the Safe Harbor provisions in
the Private Securities Legislation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause Cantex Energy's actual results in
future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things: the potential
that no commercial quantities of oil are found or recoverable, the
price of oil and gas, geological problems that prevent us from
reaching drilling targets and specific risks such as the company's
ability to raise financing and risks inherent in Cantex Energy's
operations. These and other risks are described in Cantex Energy's
form 15c211 and other filings with the NASD and Securities and
Exchange Commission.
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