Lakota Energy Inc. Announces the Start of Drilling on the South Halter Island Prospect and Participation in the Garwood Prospect in Texas
ATLANTA--(BUSINESS WIRE)--June 16, 1999--Lakota Energy Inc. (OTC BB:LAKO), announces the start of the drilling of the State 16146 no. 1 well, located in the South Halter Island Field, Terrebonne and St. Mary Parishes, Louisiana.
The rig is on location and drilling at a depth of 200+ feet as of today.
Lakota Energy Inc. is also pleased to announced participation in the Garwood Prospect, Colorado County, Texas. This is a multi-pay test to develop the Yegua "Y-2", "Y-4" and a shallow Miocene gas sand. In addition, the Frio formation, which has been quite prolific in this area, will be tested. Lakota's working interest in the well is 17.5%. The lease block consists of 480 acres and an additional 360 acres is being negotiated for acquisition. If this well is successful, a second and third well will be drilled. This project was developed by the use of 3-seismic and "bright-spot" interpretation by Cummins and Walker Oil Company Inc. of Corpus Christi, Texas, a partner in this well. Analog wells drilled in the vicinity indicate flow rates are typically 2 MMCF/D+, (million cubic feet per day), plus condensate. The well will be "spudded" or commenced on or about June 17, 1999, subject to rig availability and is slated to be drilled to a depth of 7,500 feet. Existing gas line facilities are approximately 1,100 feet from the location and can be tapped in immediately. Estimated drilling time is to be approximately seven days. Further announcements will be made as results are encountered. 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 other unforeseen risks.
CONTACT:
PMR and Associates, Investor Relations
Patrick Rost, 760/942-0015
email: PMRandco@aol.com
or
Lakota Energy Inc.
Ken Honeyman, 770/433-8250
e-mail: LAKO@bellsouth.net |
