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Gold/Mining/Energy : WML Westminster Resources
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To: Bearcatbob who wrote (105)6/16/1999 4:43:00 PM
From: Poseidonas  Read Replies (1) of 135
 
Westminster Closes Asset Sale, Exploration Well Spuds
CALGARY, ALBERTA--Westminster reports closing its previously announced sale of certain producing gas assets in the July Lake area of northeast British Columbia to an industry partner for approximately $13.7 million. Proceeds from the disposition are being used to enhance the company's working capital position and to finance the initial new drilling activities in the San Joaquin Basin.

In the San Joaquin area, the 32-28S-22E Berkley Cal Canal #1 exploration well spudded earlier today. The well, located 10 miles southeast of the East Lost Hills prospect will target the Temblor formation to a total depth of approximately 18,000 feet. Drilling time for the well is expected to be approximately 136 days. The reserve potential in the Temblor Formation at Cal Canal is estimated to be 1.85 - 3.0 TCF.

Westminster Resources Ltd. is a Canadian company engaged in exploration, development and production of natural gas. Westminster's common shares are listed on The Toronto Stock Exchange under the trading symbol ''WML.''

Westminster Resources's News Releases can be accessed electronically through the Westminster Resources website at www.westres.com and the Canadian Corporate News website at www.cdn-news.com
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