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First Petroleum & Pipeline Inc. Acquires Interest in 4 Oil & Gas Leases in the State of New Mexico
First Petroleum & Pipeline Inc. Acquires Interest in 4 Oil & Gas Leases in the State of New Mexico
By: Marketwire .
Jun. 13, 2005 08:00 AM
NEW YORK, NY -- (MARKET WIRE) -- 06/13/05 -- First Petroleum & Pipeline Inc. (OTC: FPPL) acquires interest in 4 Federal Oil & Gas Leases in the state of New Mexico. The first lease is located in the San Juan Basin in New Mexico's Rio Arriba County. The second and third leases are located on the southern edge of the San Juan Basin. The fourth lease is located near the northern edge of the Permian Basin oil region in Southwestern New Mexico. First Petroleum will continue to assess lease targets and properties in strategic areas of New Mexico and other Midwest States. New Mexico Oil & Gas New Mexico has proven crude oil reserves of 677 million barrels (2003), ranked 4th out of all U.S. States, with crude oil production toping 181 000 barrels per day (2003), ranked 5th. There is an estimated 50.6 trillion cubic feet of undiscovered natural gas in the San Juan Basin, and 30 billion barrels of oil in the Permian Basin. Major producers and pipeline companies in the region include Arco, Mobil, Amoco, and Chevron. About First Petroleum & Pipeline First Petroleum (FPPL) is a growing oil and gas company actively engaged in acquisition and development of oil and gas properties in New Mexico and other U.S Midwest States. First Petroleum & Pipeline Inc. is a public company located in New York City and trades under the symbol of FPPL. Safe Harbor for forward-looking statements This release contains certain statements that are "forward-looking" statements (as the term is defined in the Private Securities Litigation Reform Act of 1995). Any such forward-looking statements are inherently speculative and are based on currently available information, operating plans and projections about future expectations and trends. As such, they are subject to numerous risks and uncertainties, such as general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations, and other factors over which First Petroleum & Pipeline Inc. has little or no control. Actual results and performance may be significantly different from expectations or trends expressed or implied by such forward-looking statements. First Petroleum & Pipeline Inc. expressly disclaims any obligation to update the statements contained in this release.
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