The Company has also entered into an agreement to sell water for fracking new oil and gas wells in the Niobrara formation in Arapahoe County. Colorado's Niobrara oil and gas boom has been made possible through the use of horizontal well drilling and hydrologic fracturing which consume significant amounts of water. The Company has been using its extensive water holdings in Arapahoe County to deliver water to frack these new wells. In addition, the Company owns oil and gas rights to approximately 640 acres at its Sky Ranch property which it leased to Anadarko in March of 2011. "In recent weeks the Company has been working with representatives from Anadarko to identify drilling sites and access to such sites," commented Mr. Harding.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements are all statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as statements regarding the planned foreclosure sale of the HP A&M pledged shares, the rights and remedies we intend to pursue against HP A&M, the quantity of farms which could be sold to retire the HP A&M defaulted indebtedness, and projected farm income. The words "anticipate," "likely," "may," "should," "could," "will," "believe," "estimate," "expect," "plan," "intend" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include, without limitation: the price offered for the pledged shares in the foreclosure sale, the interest of note holders in negotiating note purchase agreements with us, our ability to locate willing purchasers for our farms, the level of production obtained from Niobrara wells, the capital resources of oil and gas companies to purchase our water and to complete wells; the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K; and those factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated or intended. Except as required by law, we disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
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