Kingslake Energy, Inc. (KGLJ.PK) is a US company dedicated to being a large independent presence in the exploration and production of natural gas. The company explores and drills in the Appalachian Basin, an area including Kentucky, Tennessee, Virginia, and West Virginia.
In the multi-million dollar US natural gas exploration and production market, the company has adequate capital resources to fund its programs. The company has also acquired four prospects in Kentucky totaling approximately 4,000 acres. Two of the prospects are in Western Kentucky and two are in Eastern Kentucky. Seismic has been acquired on two of the prospects and one well drilled, resulting in a natural gas discovery.
In January 2008, the company announced that it had drilled and completed its first producing natural gas well in the proven Devonian Shale formation. Lease blocks are being assembled as quickly as possible with a plan to accumulate a substantial land position in the basin. With drilling success running at 90%, the company is confident that these low risk, moderate depth and excellent reserves wells will result in substantial cash flows.
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