LAKO news out, next date for the LIST 35-40 days hence, July 14-20
ATLANTA, Jun 9, 1999 (BUSINESS WIRE via COMTEX) -- Lakota Energy Inc. (OTC BB: LAKO), announces the commencement of operations in preparation of the drilling of the State 16146 No. 1 well, located in the South Halter Island Field, Terrebonne and St. Mary Parishes, Louisiana.
The operator, PANACO Inc., has informed Lakota and the other partners that the preliminary work has initiated with 160' of conductor pipe being set. The placement of the living quarters/operations and pipe barges and the securing of the drill barges will follow immediately. Once the conductor pipe is set in place, 3,500' of 10 3/4" surface casing will be cemented and drilling will commence. Drilling and logging the State Lease well to 13,000' will take approximately 35-40 days.
Should the drilling and completion be successful, this well has the capability of extraordinary rates of production as evidenced by analagous wells in the immediate vicinity and same geologic province of between 5-20 Million Cubic Feet per day. The well is expected to test 10 payzones and has the potential reserves of over 47 Billion
Cubic Feet of gas. Based on economic models, should these reserves be encountered, Lakota's share of production revenue may net approximately $6,000,000 over the life of the well based on current gas prices.
Forward-looking statements in this release are being made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward -looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, competition, completion problems, technological changes and otherrisks. |
