Business & Finance
Business and Finance
Business and Finance
Fri, May 29, 2009
Thu, May 28, 2009 Freedom Financial Holdings, Inc.: Freedom Financial Holdings: Production Has Begun and Oil Sold
FORT WAYNE, IN--(Marketwire - May 28, 2009) - Freedom Financial Holdings, Inc. (
Kistler stated, "Freedom Energy Division has established sufficient production to commence oil sales. In early April 2009 there was an initial treatment of 100 gallons KC 9000 ™ injected at strategic locations on this lease. After the treatment, the effects became noticeable from the amounts of gas pressure, not present before the introduction of KC 9000™ and oil actually flowing from wells that were not sufficiently shut in. Generators were used to operate 3-4 wells intermittently while the electrical service was being installed.
"Over the last 8 weeks there has been a tremendous amount of rain fall in SE Kansas, which slowed down the progress; however, in spite of all the rain, there are currently 17 wells pumping 24/7 from the electricity that has been established on the field and we currently have produced approximately 240 barrels of oil. Efforts are continuing daily to complete the electrical grid for the whole field. Once we get the field completely on line, we have established an initial target rate of 100 barrels of oil per day, which we feel is very attainable based on the logs and initial response from the very light treatment of KC 9000™. An actual enhanced oil recovery plan is currently being reviewed and will be implemented when all wells are on line and able to handle the anticipated production," commented Kistler.
"It is thrilling to watch the transportation tanker pull up empty and drive off, FULL OF FREEDOM OIL. The Company has contracted with High Sierra Energy, Wichita, Kansas, to purchase all of the oil from this lease as it is produced. After testing, High Sierra agreed that due to the quality of oil, Freedom will receive the full West Texas Intermediate (WTI) price on the day of delivery. Out of the 17 wells that are currently pumping 24/7 we are averaging approximately 18 barrels of oil per day. At current prices over $60 per barrel and our lifting costs around $20 per barrel (including land owner royalties) the break-even for this division's operations is between 20 and 25 barrels of oil per day. So after only 2 months of field production, Freedom Energy International is almost breaking even. This gives no consideration of the actual sales of KC 9000™ to other companies, which is developing very nicely as we are beginning to see repeat orders," concluded Kistler.
Management looks forward to sharing updates concerning KC 9000™ sales/distributorships and further developments of this and other leases the company controls.
ABOUT FREEDOM FINANCIAL HOLDINGS, INC.
Freedom Financial Holdings, Inc. ("FDMF") is a holding company with a focus on the identification of opportunities. The Company's objective is to acquire undervalued assets and/or initiate operations in underserved niches. Once established within the FMDF portfolio, the Holding Company will provide the support necessary to enable each of its subsidiaries to maximize their business opportunities.
FORWARD-LOOKING STATEMENT
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning it expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.
