CORP. / Odessa Petroleum Soviet Status Update
ODESSA PETROLEUM CORPORATION
VSE SYMBOL: OPC
FEBRUARY 25, 1998
Odessa Prepares Dataset to Present to Select Joint
Venture Candidates
VANCOUVER, BRITISH COLUMBIA--Odessa Petroleum Corporation
(OPC-VSE) is pleased to present an update on it's project in
Southwestern Ukraine. To date the company has earned an undivided
55 percent working interest, and may earn up to an 80 percent
working interest in the Belolessky Block, which consists of a 900
square kilometer license to explore, develop and produce
hydrocarbons in Ukraine.
The Belolessky Block has a history of Soviet seismic and drilling
activity dating back to the 1950's. As part of the exploration
program Odessa is continually researching, gathering and
reprocessing data from this activity. There have now been eight
Devonian targets identified within the Block including the Sarata
area. The Ukrainian State Geological Reserves Committee estimates
that the Sarata area contains 167 million barrels of oil in place.
Of the 26 previously drilled Soviet wells 10 are located in the
Sarata complex which refers to a series of structures that
includes Rosov, East Sarata, and Yaroslav. In Addition an
undrilled structure named Rybalske occurs to the north. One of
these wells the ES1, is a suspended well that was leaking two
different types of oil. Recently the company re-entered the ES1
well to determine the condition of the casing, drill out the
cement plug above the Lower Carboniferous zone, install a well
head and prepare the well for further testing. Re-entry has
determined that the well may be suitable for a re-drill program.
Approximately 13,000 line - kilometers of 2D seismic data have
been shot by the Soviets (figure 4), however only selective
amounts of seismic data have been obtained by Odessa and up until
recently most of this data is limited to the Sarata area. Data
acquired in 1997 has been reprocessed by geophysical consultants
from the University of Kiev retained to complete a 2.5D
interpretive study. This study is extremely encouraging as it has
provided a superior set of depth maps with an alternative
interpretation of secondary structural elements.
Odessa is actively collecting and processing acquired data and
concurrently building a dataset to present to select joint venture
candidates. Additionally Odessa is putting together an
acquisition team to review new projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter P. Tsaparas, P. Eng., Chairman and Chief Executive Officer
Shares Issued: 15,013,254
Fully Diluted: 19,113,254
Cash Position: (Sept 30) $1.4 million
52 Week High-Low: $1.15 - $2.25
Cash Fully Diluted: $7.6 million |
