(Applies to: KISS)
Kismet Energy Corporation Makes A Significant New Natural Gas Discovery
At Lake Wells Prospect In The Arkoma Basin, Oklahoma With Energas Corp.
BAKERSFIELD, Cali., Aug 31, 1999 (BUSINESS WIRE) -- Kismet Energy
Corporation (the "Company") makes a significant new natural gas
discovery at Lake Wells Prospect in the Arkoma Basin, Oklahoma with
Energas Corp.
Kismet Energy has a 70% working interest in the Lake Wells Prospect
which lies in the giant Kinta Field area. The first well, John Wells
no. 1, was drilled to a total depth of 5,300 feet with significant
natural gas pay having been encountered in the multiple zones. Major
zones encountered were Spiro A, Spiro B, Cromwell, Hunton and Viola.
The JV partners perforated only the Spiro A zone and tested on a 22/64
inch choke flowing 1,513,000 cubic feet of gas per day.
There are four additional prospective zones remaining in the well which
have not been perforated as yet. The Spiro A zone in this well is
anticipated to be placed on production before the end of September,
1999 at expected initial rates of over 1 million cubic feet of gas per
day. Reserves associated with this prospect are expected to be over 20
bcf .
With the commercial success of the first well in hand, the JV partners
have acquired additional land in the area surrounding discovery of John
Wells no. 1 well.
The Company
Kismet Energy Corporation is an oil and gas exploration and
development company with offices in Alberta, Canada and Bakersfield,
California.
Further information can be obtained from the company's website:
www.kismetenergy.com.
This press release contains forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995. While the
Company's expectations, beliefs and projections are expressed in good
faith and are believed to have a reasonable basis, actual results may
differ materially. Important factors that could cause actual results to
differ materially from those in the forward-looking statements include
federal and state regulatory actions and developments, the timing and
extent of changes in commodity prices and the timing and extent of
success in discovering, developing and producing or acquiring oil and
gas reserves.
For further information, please contact company officials @
1-888-722-1295. For investor relations, contact Marie Antoinette
Shields @ 1-604-605-3102.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Kismet Energy Corporation
Rakesh Dhir, 888/722-1295
www.kismetenergy.com
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA INTERNATIONAL CANADA
INDUSTRY CODE: ENERGY
OIL/GAS
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