Granite Energy Announces Completion Results

Granite Energy, Inc. (PINK SHEETS: GNGI - News; the "Company"), today announced the successful completion of its newest well.

After weather and equipment related delays, we are thrilled with the results of this completion. The logging results of our next well, which has been drilled and is awaiting completion show that it has potential equal to, or possibly greater than that of the D.J.

Salt Lake City, UT (PRWEB) July 3, 2008 -- Granite Energy, Inc. (PINK SHEETS: GNGI - News; the "Company"), today announced the successful completion of its newest well.

Granite Energy, Inc., and its operator H Petro R, Inc. announce the completion of the D.J. Hanks well, located in Kingfisher County, Oklahoma. The initial production (IP) in the Mississippian formation produced 82 barrels of oil and 209 mcf of natural gas per day. The D.J. Hanks well is the only well that has been drilled in the quarter section, and should not experience depletion from any offset wells. In addition to the completed Mississippian formation, the D.J. Hanks well has several good pay intervals from the Pennsylvanian aged zones (Red Fork, Lower Skinner, and Oswego).

“After weather and equipment related delays, we are thrilled with the results of this completion. The logging results of our next well, which has been drilled and is awaiting completion show that it has potential equal to, or possibly greater than that of the D.J.,” stated S. Matthew Schultz, Granite Energy’s President and Chief Executive.

For additional information about Granite Energy, Inc., go to www.graniteenergy.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact:
Granite Energy, Inc.
Aaron Bringhurst, 801-532-6800
Aaron @ graniteenergy.com

Source: Granite Energy, Inc.

# # #

Post Comment:
Trackback URL: http://www.prweb.com/pingpr.php/Q291cC1UaGlyLUZhbHUtSGFsZi1FbXB0LVNpbmctWmVybw==

granite energy gngi h petro r d.j. hanks well well s. matthew schultz oil and gas oil natural gas kingfisher county

Bookmark -  Del.icio.us | Digg | Furl It | Spurl | RawSugar | Simpy | Shadows | Blink It | My Web

• Granite Energy Announces GreenStart Update 2008-03-20
• Granite Energy Achieves German Listing 2007-10-04
• Granite Energy, Inc. Announces Dividend 2007-10-03