ACQUISITION / Neutrino Resources acquires Further Working Interest
CALGARY, Feb. 11 /CNW/ - Neutrino Resources Inc. today reported the
closing of an agreement with a senior energy producer of Calgary, through
which Neutrino acquired a further 22% interest in its operated Inverness light
oilfield property at Swan Hills, Alberta. Neutrino's total working interest
in the Inverness Unit is now approximately 95%.
David Beckwermert, Executive Vice-President of Neutrino, reported ''Under
the agreement which was effective November 1st, 1997, we arranged a swap with
the other producer, whereby we gained the increased working interest in
Inverness and relinquished a 27% working interest to them in our non-operated
Handsworth oilfield in Saskatchewan.''
Mr. Beckwermert said, ''We are pleased we are able to increase our
interest in a core operated property which is demonstrating considerable
potential for Neutrino. To that end, we are planning the drilling of two
additional horizontal re-entries as well as a number of re-completions in
Inverness during the summer of 1998.''
Beckwerkmert reported Neutrino is currently into an aggressive winter
drilling program which will see a minimum of five exploratory wells drilled.
Daily production rates reached 3,501 barrels of oil equivalent (BOE) per day
at year end 1997, which met the company's target level.
Neutrino is a Calgary-based emerging oil and gas, exploration and
production company, Neutrino's common shares trade on The Toronto Stock
Exchange under the symbol ''NTO''.
For the latest company information, news and stock prices, visit us at
our Web site: www.neutrino.net. |
