KOB.TO - East Lost Hills & GSJB joint venture Message Board

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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture

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To: okey who wrote (3647)	7/27/1999 1:53:00 AM
From: Check	Read Replies (1) of 15703

Hi okey, very interesting indeed. Here's another one: << Hilton Petroleum rises as company keeps California site stake Filed: July 26, 1999 Hilton Petroleum rises as company keeps California site stake By Gene Laverty c.1999 Bloomberg News Vancouver, July 26 (Bloomberg) — Hilton Petroleum Ltd. shares rose 9 percent after the company said it will sell some of its U.S. natural-gas properties to reduce debt, letting it concentrate on a promising natural-gas find in California. Shares of the Vancouver-based petroleum company rose C$0.28 (US$0.18) to C$3.37 a share in Vancouver trading of 238,398 shares, more than the three-month average of 189,324. Hilton said it wants to sell as much as half its Enserch properties along the U.S. Gulf Coast to pay down its US$15 million bank debt. The company wants to concentrate on a well that it's drilling with several partners in California's East Lost Hills, near Bakersfield. Berkley Petroleum Corp. of Calgary, Alberta, is the operator. "Enserch has production in about six or eight Gulf Coast states," said Hilton spokesman Des Okell. "It produces about 1,000 barrels of oil equivalent a day." Hilton's decision to hang on to its 12 percent stake in the East Lost Hills project has led to speculation that Hilton, Berkley and their partners have tapped into a significant pool of gas. A well drilled late last year exploded and took more than five months to bring under control. The new well is almost done, and Okell said testing is expected to begin in the third week of August. Partners in the well are Paramount Resources Ltd.; Elk Point Resources Ltd.; Kookaburra Resources; Richland Petroleum Corp.; Westminster Resources Ltd. and PYR Energy Corp.

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