V.EGG - Ebony Gold & Gas Message Board

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Gold/Mining/Energy : V.EGG - Ebony Gold & Gas

EGG 6.240

+3.0%

Jan 30 3:59 PM EST

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To: eddie benson who wrote (515)	4/25/1997 12:23:00 PM
From: Bob Walsh	of 1088

News release: Wells placed on line; dispute with former director Ebony Gold and Gas Inc EGG Shares issued 6144199 1997-04-24 close $0.68 Friday Apr 25 1997 News Release Mr James Blair reports The Ledbetter No. 3 over a 48 hour swab test produced the equivalent of 226 bopd with producible gas. The gas will be connected to the pipeline within the next 10 days. This well is producing from the Knox formation which typically produces on a slow decline curve over 20 years. Ledbetter No. 1 and No. 2 which are also Knox wells, are producing at the rate of 11 bopd with current electric service that needs to be upgraded. When the electric service is changed, production is expected to double. The Aaron Poston well is producing 58 mcf gas per day through a 1/2 inch choke while maintaining 60 psi. Some optimistic quantities of oil are being produced but the well is still in the process of cleaning up and improving each day. To date, the well has produced 16.5 barrels of oil to the tank. The agreement to purchase Poston & Poston Drilling Company has been extended to May 31 1997 or sooner. Terms of the agreement have been amended as follows: US$350,000 and 200,000 shares of the company for its assets, personnel and goodwill. A dispute has arisen between the company and ex-director Mr Jerry Spalvieri. A settlement orally agreed to by Mr Spalvieri last autumn remains unsigned despite efforts to have the agreement finalized. Therefore the company is in the process of filing a civil action with respect to the original purchase of a portion of the pipeline in Tennessee and various leases. The allegations include, among other things, breach of title warranties and breach of fiduciary duty. The company had purchased through Mr Spalvieri 86.5625% of the pipeline and claims the remaining 13.475% as a setoff for sums allegedly owed by Mr Spalvieri which total over the agreed price of the 13.475% interest. The pipeline only carries the company's gas and therefore this dispute has no negative material effect on the company's financials. Gross revenues from oil and gas have recently achieved the estimates announced in Stockwatch, December 23 1996. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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