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Gold/Mining/Energy : Midland MRIX, MRIXZ

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To: S. Thomas who wrote (7)	3/28/1997 3:46:00 PM
From: Ed Ajootian	of 32

S., Better late than never buddy! HOUSTON, March 27 /PRNewswire/ -- Midland Resources (Nasdaq: MRIX) today announced the successful completion of the Caddell #1 3D seismic based exploration well in Hockley County, Texas. In a 24 hour test, the discovery well produced at a rate of 144 barrels of oil and 17 thousand cubic feet of gas per day. Midland Resources owns a 68.75 percent working interest before payout and a 55 percent working interest after payout in the 74.5 percent net revenue interest lease. The well location was selected based on interpretation of 3D seismic data obtained in 1996 from a seismic survey covering 8,500 acres. This discovery confirms the potential to drill 4 additional wells in the Canyon Formation on this feature. Preliminary analysis indicates this five well feature has the potential to add 450,000 net barrels of oil equivalent to Company oil and gas reserves with 60 percent proved. Reprocessing the seismic data with data received from this well indicates 3 additional Canyon features with up to 8 potential well locations. Reprocessed data also indicates the potential for 4 to 6 Strawn wells and up to 3 possible Wolfcamp locations. Exploration drilling on the second feature is scheduled to commence in late April. Development drilling offsetting the Caddell #1 will commence in June. Midland Resources specializes in the application of advanced technology for the exploration, development and production of natural gas and oil. The Company owns oil and gas interests principally in the Permian Basin of West Texas and the Texas Gulf Coast. The common stock of the Company trades in the Nasdaq SmallCap Market with the symbol MRIX. SOURCE Midland Resources, Inc. CO: Midland Resources, Inc. ST: Texas IN: OIL SU: DSC 03/27/97 12:22 EST prnewswire.com

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