FIELD ACTIVITIES / Kismet Energy Corp Drilling Update
KISMET ENERGY CORPORATION REPORTS THAT THE OPERATOR IS CONTINUING
DRILLING THE CREE FEE 1A WELL TOWARDS THE MAIN TARGET, POINT OF
ROCKSSANDS FORMATION, DRILLING IS NOW TO A DEPTH OF 16,324 FT.
Date: 12/15/98 3:44:48 PM
Dateline: BAKERSFIELD, CALIFORNIA
Stock Symbol: KISS
Kismet Energy Corporation (the "Company") reports that the
operator is continuing drilling the Cree Fee 1A well towards the
main target, the Point of Rocks sands formation. Drilling is now
to a depth of 16,324 ft. on way to licensed total depth of 18,000
ft.. After completion of this well, the JV partners are planning
to move this rig to the second well location.
Due to depressed oil prices and oil-sector market conditions the
company has commenced financing of 1 million units at 50 cents to
raise interm financing for ongoing exploration activities. Each
unit consists of one share and one warrant excercisable for one
year to acquire one additional share at 50 cents. The company
expects this financing to close within 60 days.
Both Cree Fee 1A and Cree Fee 1-30 wells are being drilled in the
San Joaquin Valley, which is one of the most prolific oil and gas
producing regions in the U.S. accounting for over 60% of
California's annual production of about 400 million barrels of
oil equivalent per year.
An independent engineering report conducted by Dale Hankins
estimates the Phelps Anticline Prospect could contain reserves of
up to 9 trillion cubic feet of gas and 240 million barrels of oil
in the Point of Rocks sands if the structure contains
hydrocarbons to 18,000 ft..
The Company
Kismet Energy Corporation is an oil and gas exploration and
development company with offices in Alberta, Canada and
Bakersfield, California. Kismet Energy Corporation has a 20%
working interest in this project with the Operator, an
NYSE-listed energy company.
Further information can be obtained from the company's website:
kismetenergy.com.
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