January 09, 2001 14:03
WesPac Technologies Corp. Announces Interest in California Gas Wells
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DALLAS--(BUSINESS WIRE)--Jan. 9, 2001--WesPac Technologies Corp. (Pink Sheets:WPTE) has entered into a joint-venture agreement with Olympic Resource Ltd. (CDNX:ORL) to drill and complete a new extension of the South Oakley Field, in Contra Costa County, Calif.
The Disco Inferno No. 1-1 will be drilled to a depth of 8,200 feet, offsetting several prolific gas wells.
Reserves are expected to be more than 8 billion cubic feet of gas, with daily production of approximately 7 million to 8 million cubic feet of gas. At the current price of $15 per thousand, total reserves are estimated to be $120 million.
Other partners in the project will be Sunset Exploration Inc., Production Specialties Co. and Vaughan Exploration Inc., with the well being spudded by Jan. 19, 2001.
WesPac Technologies is a domestic oil and gas exploration, production, acquisition and service company with headquarters in Dallas. WesPac's primary strategy is to acquire domestic and foreign oil and gas wells and/or fields. WesPac can also utilize the WP-2000 Stimulator tool to increase production on certain wells.
This news release contains forward-looking statements relating to future revenues and operating information and their impact on future results; actual results could differ materially from those projected in the forward-looking statements as a result of risk factors such as the availability of sufficient capital on terms favorable to the company, market conditions, technology, the usual difficulty in introducing a new product, and the uncertainty of market conditions.
CONTACT: WesPac Technologies Corp., Dallas
Terrence A. Tecco, 972/987-5522
or
Princeton Research Inc., Las Vegas
Mike King, 702/650-3000 |
