NEWS OUT
(Applies to: KISS)
Kismet Energy Corporation is Excited to Drill More Wells After a
Significant New Natural Gas Discovery At Lake Wells Prospect in the
Arkoma Basin, Oklahoma
BAKERSFIELD, Calif., Sep 22, 1999 (BUSINESS WIRE) -- Kismet Energy
Corporation (the "Company")(OTC BB:KISS) reports that upon raising
capital it could participate in 13 additional wells in the area where a
significant new natural gas discovery was recently made at Lake Wells
Prospect in the Arkoma Basin, Oklahoma. Kismet Energy can take between
50 to 70 percent working interest in each of the 13 wells to be drilled
in four major prospects. These wells are to be drilled to a total depth
of 5,400 feet. Each well could be drilled within 8-10 days. Multiple
natural gas zones (Spiro A, Spiro B, Cromwell, Hunton and Viola)
similar to the first discovery well, John Wells number 1, are expected
to be encountered.
According to the operator, upon successfully drilling and completing
these wells, potential reserves associated with these 4 prospects are
expected to be over 70 billion cubic feet of gas producing at expected
initial rates of approximately 25 million cubic feet of gas per day.
Based on an average gas price of $2.50 per MCF, the cash flow net to
Kismet is expected to be over $10,900,000 annually. Cash flow can be
used to acquire more low-risk properties, drill additional high
potential wells in California and pay dividends to shareholders.
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 www.SmallcapNewswire.com or
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.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Kismet Energy Corp., Deerfield Beach
Rakesh Dhir, 888/722-1295
or
Marie Antoinette, Investor Relations, 604/605-3102
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA OKLAHOMA FLORIDA
INDUSTRY CODE: OIL/GAS
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