"Curion reviews Project Ekho participation agreement"
Message 10662024
Curion Ventures Corp CUV
Shares issued 11,041,146 Jul 23 close $0.39
Mon 26 Jul 99 News Release
Mr. Eugene Larabie reports:
The company is reviewing the Project Ekho participation agreement. In
anticipation of the execution of this agreement, Curion has filed with the
Vancouver Stock Exchange documentation with respect to the company's
convertible debenture for up to $2.5-million. Further, the company
announces the awarding of 640,000 options of the company at 41 cents per
share for two years.
Curion Ventures is a 20-per-cent participant in Project Ekho, a deep oil
and gas exploration project in the San Joaquin Valley, outside of
Bakersfield, Calif. Recent drilling in the vicinity, namely the Bellevue
No. 1 well of November, 1998, has confirmed the potential existence of
giant oil and gas reserves at depths in excess of 15,000 feet. Before being
controlled, the Bellevue No. 1 flowed an an estimated rate of 100 million
cubic feet per day. Under restricted flow, the well averaged approximately
10 million cubic feet per day and more than 400 barrels condensate per day
for six months before being plugged May 28, 1999.
As stated in a press release of July 23, 1999, by Tri-Valley Oil and Gas
president Lynn Blystone, the Ekho No. 1 well is testing a mapped deep
structure could contain up to four billion barrels of 42 gravity crude and
10 trillion cubic feet of natural gas (estimated from reservoir parameters
as published by the California division of Oil, Gas and Geothermal
Resources).
(c) Copyright 1999 Canjex Publishing Ltd.
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