Vortex Energy annual report
Vortex Energy & Minerals Ltd
Shares issued 12,646,016
Tuesday Mar 30 1999
Mr. Alan Fraser reviews the company
Western Canada
The company has yet to successfully complete a production purchase which was
stated as an immediate objective in August. Vortex management continues to
evaluate prospective acquisition candidates and is confident that patience and
persistence will eventually result in a good deal being made on quality assets. In
respect of the second component of Vortex's revised business plan, which was to
advance its internally generated prospects to the drilling stage, there is significant
progress. Subject to financing and interpretation of recently purchased seismic
data, Vortex management is optimistic that two to three of Vortex's Canadian
prospects will be evaluated in 1999.
Forum Prospect Update
Vortex holds a total working interest in the Forum project in Los Angeles, Calif.,
of 30.4 per cent. The planned drilling of the second deep test well on the Forum
project continues to move ahead, although predrilling procedures have taken
longer than anticipated. Prior to drilling, an extensive and detailed prespud
environmental study must be completed. This prespud requirement is now under
way. The second deep test well will evaluate a well defined, individual feature
referred to as the Crenshaw project, within the larger Forum project area.
The Crenshaw project is the largest of several targets at Forum. The test location
for the Crenshaw prospect presents a superior bottom hole location for a test of
the O'Dea and City zones (that is 9,500 - 10,500+ feet subsurface). The Forum
project represents significant upside to Vortex shareholders as an attractive, high
risk, high reward oil exploration prospect.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Anybody have thoughts on this stock & where it could go to??
bcjt |
