Goldnev Resources (V.GNZ) Message Board

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Gold/Mining/Energy : Goldnev Resources (V.GNZ)

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To: Pierre J. LeBel who wrote (38)	3/20/1998 8:23:00 AM
From: hsm	of 47

SUMMARY of PRESS RELEASE - March 17, 1998 Goldnev has reached an agreement-in-principle to purchase a 50% interest in petroleum & natural gas rights pertaining to 1,932.8 acres located in West Texas. The company is required to pay US$111,146. The property is encumbered by an underlying 25% net revenue payable to a third party. Agreement-in-principle to purchase a 50% interest in an adjoining property of 651 acres. Required to pay US$37,432.50 to earn its interest. Encumbered by an underlying 25% net revenue royalty payable to a third party. Each agreement in principle is subject to a formal agreement by March 24, 1998. The company is also acquiring a 50% interest in oil & natural gas rights in the "Coos Prospect" in West Texas. Total area = 2,583.3 acres. The company proposes to initially drill one test well through the Strawn and Ellenburger formations directed at seismic targets on the structural high. A successful Coos Prospect well has the potential of reaching Strawn gas reserves of 2-1/2 billion cubic feet and Ellenburger gas reserves of 9 billion cubic feet.

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