LAKO :(
ATLANTA--(BUSINESS WIRE)--July 28, 1999--Lakota Energy Inc.
(OTCBB:LAKO), announces the final results of the State 16146 no. 1
well located in the South Halter Island Field, Terrebonne and St. Mary
Parishes, Louisiana.
Three excellent gas shows were encountered while drilling.
However, after extensive testing and results of electric log surveys
and core analysis were reviewed, the engineering and geological teams
from the partners have deemed this well non-commercial. As such, the
well will be plugged and abandoned. "We were encouraged by the
preliminary gas shows as we drilled this well," stated Ken Honeyman,
President of Lakota Energy Inc. "As the final logging analysis
revealed, the lack of permeability of the zones was the determining
factor indicating this well was not a commercial producer."
The lease will be maintained for one more year at no cost. The
geological information gained from this well is very helpful and
reveals the major fault is further south than anticipated. Tribow
Exploration is currently evaluating this geological information.
Additional 3-D seismic may be conducted in this area in the near
future.
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.
--30--ys/at*
CONTACT: PMR & Associates
Patrick Rost, 760/942-0015
PMRandco@aol.com
or
Market Strategies Inc.
Dave Bodie, 607/754-9822
or
Lakota Oil and Gas Inc.
John Hayes, 281/397-6107
KEYWORD: GEORGIA
INDUSTRY KEYWORD: ENERGY UTILITIES OIL/GAS
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