FIELD ACTIVITIES / Sharpe Resources Corporation: Matagorda Gas
Project Drilling Program is Expected to Commence in May, 1998
ME SYMBOL: SHO
OTC Bulletin Board SYMBOL: SHGPF
APRIL 27, 1998
HOUSTON, TEXAS--SHARPE RESOURCES CORPORATION is pleased to
announce that the company has been involved with obtaining
financing with a Houston, Texas based investment bank. The $10
million credit facility is expected to close within the next 5-7
days. This transaction is subject to regulatory approval.
The company has been interviewing offshore drilling contractors
for the Matagorda gas project. The indications are that rig
availability is good. The company will make every effort to
commence the first of three new wells on the Matagorda project in
May, 1998. Initially, the projected program is expected to
include three (3) new drilled wells and a two-well work-over
project. Upon completion of the program the company is expected
to have up to eight (8) production strings online at Matagorda.
At the West Thrifty project, the company is continuing its field
testing program in preparation for full field development of the
waterflood project.
Sharpe is looking at several possibilities regarding its future
business plans. The focus of the effort will be on the full
development of the Matagorda and West Thrifty waterflood
properties in 1998. Additionally, the company is aggressively
evaluating acquisition possibilities within these regions.
Sharpe Resources Corporation cautions that the statements made in
this press release and other forward looking statements made on
behalf of the Company may be affected by such other factors
including, but not limited to, volatility of gas and oil prices,
product demand, market competition, imprecision of gas and oil
estimates, and other risks detailed herein and from time to time
in the Securities and Exchange Commission filings of the Company. |
