Bonanza Oil & Gas reports on the oil and gas development for the Company.

The Company is planning to proceed on its business plan to exploit and develop the Proven Undeveloped (PUDS) reserves the Company has on the Apclark Field property. With the production level of the Jackson Well increasing and the increase in oil and gas pricing, the Company believes that the time is right to develop the PUDS associated with the Apclark Field property, although we cannot guarantee that we will be able to successfully develop such fields.

The Company is also assessing its Damon Mound property, as prices have increased and costs have declined to levels that make drilling a well economical. The Company has leases on the Damon Salt Dome, and has identified development drilling locations.

The evaluation is ongoing for additional producing properties that may be purchased and/or merged into the Company. As of the date hereof we have not entered any agreement or other arrangements with respect to these properties and, as a result, we cannot provide any guarantee that we will successfully close any such acquisition.

Bill Wiseman, President/CEO said, "The Company is looking forward to resuming the production of oil and gas, and back to implementing our anticipated initial business plan and strategy, by developing PUDS, and adding proven reserves to the Company, thus hopefully adding shareholder value."

Tags: Bonanza Oil and Gas