Caspian Holdings, an oil and gas development company with assets in the USA and Kazakhstan, has increased its lease holding in the Irvine oil field to over 200 acres with the signing of a new 160 acre Billings lease.
In addition the Company has received the key permits to commence oil production and sales from its existing 8 wells in its first lease - Barnett - in the field.
Caspian owns a 50% interest in the Irvine field through its shareholding in Black Gold of Kentucky (Black Gold) which holds the Barnett lease and the Billings lease.
With the permits now issued, following a slight delay and bonds in place, Black Gold expects to commence production and oil shipments from the Barnett lease in October 2008.
Chairman Michael Masterman, said, " The combination of a significant increase in our acerage position and issue of the required permits for oil production, is a great step forward. We look forward to maiden oil production from our leases in the Irvine oil field."