Ed,
I believe you are right on Busby's association (or lack of) with Benz. I also remember him dumping it earlier this year and buying up Stanford.
SOG, however, isn't such a great call on my part...I was in pre rollback and name/symbol change (used to be STB).
You seem to know a lot about BZG and I like what you have to say...will put it back on my watch list. Here's today's NR:
Results of Wausau discovery
Benz Energy Ltd
BZG
Shares issued 34,130,683
1998-10-19 close $1.07
Tuesday Oct 20 1998
Mr. Prentis Tomlinson reports
Benz Energy has received the results of its previously announced discovery at its Wausau prospect,
Wayne County, Mississippi. Initial tests indicate commercial production of 348 barrels of oil and 1.62
million cubic feet of gas per day of which the company owns and operates a 53.8 per cent working
interest in the prospect.
The B.O.E. 16-12 No. 1 discovery well was logged and completed in the Lower Cotton Valley in the
deepest interval between 14,962 feet and 15,150 feet with flowing tubing pressure stabilized at 1,480
psi on a 18/64 inch choke. Sixty-eight feet of total pay in three zones was logged between 14,962 feet
and 15,150 feet. Benz expects to increase the well's production rate by fracture stimulation and
perforating the two upper Cotton Valley zones. The company plans to further develop the prospect next
year.
With the additional production from this discovery well, Benz has increased net daily production by 169
per cent since the end of the second quarter 1998. Financially, the well is expected to increase Benz's net
cash flow by approximately $95,000 per month, bringing the total increase in cash flow announced in
October to approximately $283,000 per month thus far. Wausau is a prime example of Benz's strategy
to internally generate, maintain a majority interest, and operate its exploratory projects using 3-D seismic
to reduce risk and increase drilling precision. Wausau is supported by a 30 square mile 3-D seismic
survey acquired in late 1997.
WARNING: The company relies on litigation protection for "forward-looking" statements.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Regards |
