ALBUQUERQUE, NM -- (Marketwire) -- 06/23/10 -- Brinx Resources Ltd. (OTCBB: BNXR) is pleased to report that it has successfully completed the OK#5-1 as another naturally flowing oil well at the Company's Oklahoma Projects drill program.
The OK#5-1 was a one well exploration drill program targeting hydrocarbon bearing sands similar to that encountered at the Company's earlier successful wells, but located approximately fifteen miles to the northeast. After completion, the well was tested at various choke sizes and had a stable flow rate of over 450 barrels of oil per day on a 30/64 inch choke.
The OK#5-1 well has now been temporarily shut-in while a storage tank battery and other production equipment is built and installed. Brinx anticipates first production from this well in early July and related increased revenue in September.
'The completed section of this well is not the only potential pay zone that we encountered during drilling,' said Leroy Halterman, President of Brinx Resources. 'This, as in many of our other multi pay zone wells, not only adds proven developed producing reserves to Brinx's inventory, but also adds significant behind-the-pipe reserves for future development.'
Additional information regarding ongoing drilling, completion, and testing at Brinx Oklahoma Projects wells will be released as it becomes available.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing North American oil and natural gas reserves. The Company's current focus is on the continued exploration and development of its land portfolio comprised of working interests in the Three Sands Project in Noble County, Oklahoma (40% interest); the Oklahoma Projects drill programs (5% interest); King City project in California (20% interest); and the Palmetto Point and Belmont Lake Oil Field Projects in Mississippi (8 to 8.5% interest). Brinx Resources is seeking to further develop its existing projects through development or offset drilling and expand its portfolio to include additional interests in North America and internationally.
Safe Harbor Statement: Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.