John D. Oil and Gas Company announced today from CLEVELAND, Ohio on Sept. 21, 2007 that is has drilled twenty new wells so far this year 2007. Ten oil wells are in production and ten more are in various phases of coming online. The Company had a slow start in the first quarter of the year with the lack of availability of a drill rig. During the second quarter, an affiliated company began drilling for John D. Oil with their new rig.
Gregory J. Osborne, the Company's President and COO stated, "The Company anticipates drilling ten more wells in the last quarter. We are moving quickly to achieve our goal of 30-35 new wells in 2007. It has been an exciting year, as we continue to grow our reserve base and add to our land lease inventory."
As previously disclosed by John D. Oil and Gas, part of the Company's expansion program includes participating as the managing member and forty percent investor of a newly formed company, Kykuit Resources LLC. Kykuit Resources LLC. entered into a joint venture with Hemis, Ltd. on August 3, 2007. Since that date, the joint venture has purchased approximately 200,000 acres in the Montana Breaks area of Montana. The Company plans to begin drilling in Montana under this joint venture in early spring 2008.
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