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Gold/Mining/Energy : GENTRY RESOURCES LTD. (GNY.B - TSE)
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To: jerry janko who wrote (325)7/8/1999 10:28:00 AM
From: jerry janko  Read Replies (1) of 601
 
Gentry Resources Ltd GNY
Shares issued 18,368,732 Jul 7 close $0.43
Thu 8 Jul 99 News Release
Mr. Hugh Ross reports
The company, along with its joint venture partners, have recently completed
the drilling of five successful oil wells on its lands in west central
Saskatchewan.
Logs from the first three wells drilled show each intersected the thickest
part of the channel (pays of seven to nine metres), and indicate that the
reservoir is cleaner and more porous than is typical for the area. Gentry
anticipates production from each of these wells to come on at a stabilized
rate between 100 to 125 barrels per day of oil with no water influence. The
company conservatively estimates reserves for each of these first three
wells at 150,000 barrels recoverable.
The fourth and fifth wells have been completed and production tests have
begun. Logs indicate these wells have three to four metres of clean and
porous reservoir with no water leg. The company anticipates these two wells
will each contribute reserves of 100,000 barrels and stabilized production
rates of 50 to 60 barrels per day.
The pool produces a heavier type crude, approximately 16 degrees API. The
significant improvement in the heavy crude differential over the last
several months has created an attractive rate of return and quick payout
for this program.
In summary, the company estimates its reserves will increase by
approximately 200,000 barrels at a cost of $1.90 per barrel and 120 to 150
barrels per day will be added to the company's daily production. Gentry
maintains a 30.5-per-cent working interest in the lands.
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