Team Resources, Inc. Begins Drilling Phase of Grand Summit Fund I, LP

Team Resources, Inc., a private, independent oil and gas company, is excited to announce it has moved a rig onto the first of eight planned wells on a 4,200 acre development associated with the Grand Summit Fund I, LP, located in Cowley County, Kansas. The first well is the Team Cooper Hiatt #1, with the rig expected to "spud" Wednesday, December 15, 2010.
Team Resources' oil and natural gas field acquisitions were selected due to the tremendous potential of developing proven significant oil and natural gas reserves – having nearly 30,000 acres currently under lease. These oil and natural gas leases were originally "proved up" by Texaco and Conoco in the 1950s. At the time, these oil/gas reserves were left undeveloped due to the lack of demand and/or profitability. With current oil and natural gas prices it makes very good sense to exploit these reserves today.
"After drilling fourteen wells here over the last two years and confirming the presence of good oil and gas reserves, we decided to drill an additional eight wells in the area," said Kevin A. Boyles, President and CEO of Team Resources, Inc. and Managing General Partner of Grand Summit Fund I, LP.
"Our five year plan involves the drilling of up to 100 wells in this region. Team owns and operates a 300+ mile natural gas pipeline system in the immediate area. We plan to have significant oil production while growing the natural gas volumes in our pipeline, thereby increasing the value of this asset. With oil and natural gas prices on the rise, we feel we've positioned ourselves very well for the future," Boyles added.
Source: Press release