GSV, Inc. Announces Successful Completion Of Louisiana Well
WESTPORT, Conn. -- June 16, 2004--GSV, Inc. (OTCBB Symbol:
GSVI) announced today that expansion work has been completed
on one of the two wells in Louisiana in which GSV holds a
8.33% working interest.
On May 20, 2004 GSV and subsidiaries elected to participate in
the expansion proposed by the operating company and the
expansion was begun. The purpose of the expansion, which was
completed on June 10, 2004, was to re-complete the well at
hydrocarbon saturated zones as the previous completed zone was
producing water. The well is set to allow for a through tubing
to an additional zone after the hydrocarbon saturated zone
deplete or water out.
The estimated cost to GSV will be approximately $74,000. The
well has tested at a flow rate of 4.86 MMCF and about 200 BC
per day. We expect that the expansion will result in a
significant increase in cash flow and may generate additional
reserves to be booked.
About GSV Inc.
GSV Inc is an oil and gas exploration company. Its recent
acquisition of an interest in a Texas-based exploration
company injected exciting prospects and opportunities into GSV
and positioned it for future growth. In addition to managing
its current assets, GSV is actively seeking new acquisition
opportunities in this industry.
Some of the statements in this press release are
forward-looking statements that involve risks and
uncertainties. These forward-looking statements include
statements about our plans, objectives, expectations,
intentions and assumptions that are not statements of
historical fact. You can identify these statements by the
and similar expressions. We cannot guarantee our future
results, performance or achievements. Our actual results and
the timing of corporate events may differ significantly from
the expectations discussed in the forward-looking statements.
You are cautioned not to place undue reliance on any
forward-looking statements. Potential risks and uncertainties
that could affect our future operating results include, but
are not limited to, our limited operating history, history of
losses, need to raise additional capital, and the high risk
nature of our business, as well as other risks described in
our most recent annual report on Form 10-KSB filed with the
Securities and Exchange Commission.