FIELD ACTIVITIES / Doreal Energy Executes New Columbian
Contract
DOREAL ENERGY CORPORATION
Standard & Poor's listed
ASE SYMBOL: DOY
OTC Bulletin Board SYMBOL: DEG.CF
JANUARY 5, 1998
VANCOUVER, BRITISH COLUMBIA--Doreal Energy Corporation is pleased
to announce that it has executed the 225,000 acre Rio La Miel
Association Contract, located in the Middle Magdalena Valley
region of Colombia, South America, with Ecopetrol, the Colombia
national energy company.
Under the terms of its work commitment, Doreal will provide
reprocessing of existing seismic data, conduct geologic studies
within the area, and drill at least one exploratory well during
the first two years of the Contract. If successful discoveries
are made during the initial six years of the Contract, an
additional 22 years for exploitation will be automatically granted
by Ecopetrol.
The Middle Magdalena Valley region is the location of some of
Colombia's most recent oil and gas discoveries, including Seven
Seas' "Emerald Mountain Field", LASMOs' "Revancha/Venganza Field"
and Amoco/Honda's "Opon Field" discoveries. The Rio La Miel
acreage is also bounded on the north by Texaco's earlier
discovered fields, Velasquez, Corcorna/Teca and Nare.
Doreal currently controls one hundred percent of this contract and
will be seeking industry partners to join them in evaluating the
exploration potential of this contract.
On Doreal's corporate matters, Christine Reynolds resigned as
corporate secretary and Thomas W. Gilliam, who also serves as
Doreal's Chief Financial Officer, was appointed in her place.
Damien Reynolds resigned as Vice President, Corporate Development
and continues as a member of the board of directors. |
