Scottsdale 2/12/2014 4:00:00 AM
QualityStocks News - Innocent, Inc. (INCT) Digging Foothold in Wyoming’s Resurgent Oil and Gas Resources
QualityStocks would like to highlight Innocent, Inc. (OTCQB: INCT), a development stage oil and gas exploration and production company focused on developing properties in North America. The company plans to minimize the risk of exploration through development of proved petroleum reserves, and expects to maximize profit through strategic acquisition and liquidation of selected oil and gas properties.
In the company’s news,
Innocent, Inc. is a development stage oil and gas exploration and production company focused on the execution of a clearly defined strategy to acquire and form joint ventures to maximize production capacity. The company’s interests are currently focused on Wyoming’s rich oil and gas resources.
Wyoming currently ranks third in the nation in regards to the production of natural gas, and eighth in crude oil production, according to the Wyoming State Geological Survey (WSGS). Since 2002, the state’s annual oil production has been between 51 million and 55 million barrels, accounting for one-third of the state’s 60-million-barrell output last year. The state’s steady growth and relatively steady oil production is due to natural gas related liquids, new unconventional plays, and better recovery technology.
Innocent is has taken particular interest in The Powder River Basin, one of the largest oil and gas fields in the nation, located in the heart of Wyoming’s burgeoning oil industry. The company’s strategy is to target prospects that are direct offsets to former production or wells with favorable oil and gas shows. In anticipation of lower API gravities of the oil, which will require secondary recovery via water, gas or steam or fire flooding, Innocent will utilize new methods of radial horizontal drilling in the reservoirs.
Evergreen, which has more than 150 years of experience in the oil and gas industry, has been retained as the general manager of the Powder River Basin exploration project. Evergreen will be responsible for selecting areas to lease, drilling exploratory wells, drilling development wells, and producing oil and gas found. Evergreen has conducted and will continue to conduct both regional and local geological studies to define prospects that are worthy of acquiring oil and gas leases. The operator of the drilling venture will be L & J Operating Inc. of Gillette, Wyoming.
The WSGS reports that the near future the forecast for Wyoming’s petroleum production is optimistic, with expectations that unconventional oil reservoirs in the Powder River Basin may help steady or even increase oil production in the coming years. If these forecasts are met, even at the minimal end of the spectrum, Innocent has positioned itself with tremendous opportunity in one of the nation’s largest oil and gas regions.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
