Tony,
Just to make the files here complete, here's the full text of the news
release on the well. It is amazing that the market is totally ignoring
this significant well.
VERSAILLES, Ky.--(BUSINESS WIRE)--March 24, 1997--American Resources of Delaware, Inc. (NASDAQ Small Cap:GASS) ("ARI" or the "Company") announces that the OCS G-1898 No. D-4 well was successfully drilled and put on production on March 2, 1997, with an initial flow rate of 3.5 million cubic feet of gas and 350 barrels of gas liquids per day.
As of March 19, 1997, production had been increased to 4.0 million cubic feet of gas and 420 barrels of gas liquids per day. The well was drilled from the D Platform on South Timbalier Block 148 to a total depth of 16,535 feet. ARI has a 15% working interest in the well, and it is operated by Newfield Exploration Company.
South Timbalier Block 148 is located offshore Louisiana in a water depth of 100 feet. In July, 1996, ARI purchased its interests in the South Timbalier Block 148 with ten existing wells, five of which were producing. Since the purchase, the Company has successfully completed and placed into production the remaining five wells and drilled and hooked up two additional wells. This brings the number of wells in which the Company owns an interest in the offshore Gulf Coast region to 14.
ARI's President and CEO, Rick Avare, commented: "We are extremely pleased with the results of the new well which has once again confirmed our expectations for this property. Additionally, our primary lender Den norske Bank, has recently established a separate well development line of credit which helps position ARI for continued growth through the development of South Timbalier Block 148 and other drilling prospects in our Gulf Coast inventory."
For more information, contact Chris Zafiroff of Corporate Relations Group at 800/444-4980, or the Company's investor relations department at 606/873-5455.
CONTACT:
American Resources of Delaware, Inc.
Chris Zafiroff, 800/444-4980
or
Investor Relations Department, 606/873-5455
KEYWORD: KENTUCKY LOUISIANA
INDUSTRY KEYWORD: ENERGY OIL/GAS
BW1208 MAR 24,1997
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