|By PR Newswire||
|January 8, 2014 06:07 PM EST||
MIDLAND, Texas, Jan. 8, 2014 /PRNewswire/ -- Lone Oak Acquisition Corporation (OTC Bulletin Board: LOKKF) (the "Company") today announced that its wholly owned subsidiary Arabella Exploration, LLC ("Arabella") has successfully drilled to the total depth on its Jackson #1H well. The Jackson #1H is located in Ward County, Texas and is Arabella's sixth well and the first on its Jackson tract where it holds an approximately 53% working interest. The target depth achieved is 15,428 feet and is in the Upper Wolfcamp formation.
Arabella expects to begin completion operations on the well the week of January 19th.
About Lone Oak Acquisition Corporation
The Company, through its wholly owned subsidiary Arabella, is an independent oil and natural gas company focused on the acquisition, development and exploration of unconventional, long life, onshore oil and natural gas reserves in the Southern Delaware Basin in West Texas. Arabella has an experienced management team with experience drilling multi-lateral wells and is primarily focused on the formations that the industry refers to as the Wolfbone play, which includes the Wolfcamp and Bone Spring shales. The Wolfbone play is characterized by high oil content and liquids rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves and high drilling success rates.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded or followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Forward-looking statements in this release also include statements about business and economic trends. Investors should also consider the areas of risk described under the heading "Forward Looking Statements" and those factors captioned as "Risk Factors" in the Company's periodic reports under the Securities Exchange Act of 1934, as amended, or in connection with any forward-looking statements that may be made by the Company.
The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
SOURCE Lone Oak Acquisition Corporation