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Microcap & Penny Stocks : Aladdin Oil Corporation (OTC BB: ADDN)
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To: White Knight who wrote (3)7/5/1999 11:25:00 PM
From: Glenn Petersen   of 16
 
A portion of the assets of Old Aladdin consist of certain undeveloped "...exploration sub-surface easements within the Los Angles Basin of California, which encompass several portions of the producing Salt Lake Field."

Additionally, the company owns interests in 16 natural gas wells in Ohio that were acquired from Industrial International, Inc. in exchange for the issuance of 419,219 shares of the common stock of Old Aladdin, which have subsequently been exchanged for a like number of the common shares of ADDN. These shares have a current value of $1,257,687. At December 31, 1998, the proved developed reserves for these wells consisted of 4,565 barrels of oil and 261,581 MCF of natural gas. The standardized measure of discounted future net cash flows from these wells was calculated at $396,783 as of December 31, 1998.
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