NEWS...
Subject:
Stockwatch US: KISS
Date:
Tue, 05 Oct 1999 07:06:31 -0700
From:
newsout@stockwatch.com
To:
slambang@calweb.com
(Applies to: KISS)
KISMET ENERGY CORPORATION ANNOUNCES THAT THE FIRST WELL IS BEING
CONNECTED TO ENOGEX PIPELINE AND CASH-FLOW FROM THE SIGNIFICANT NATURAL
Gas Discovery At Lake Wells Prospect in the Arkoma Basin, Oklahoma Will
Start Immediately
BAKERSFIELD, Calif., Oct 5, 1999 /PRNewswire via COMTEX/ -- Kismet
Energy Corporation (OTC Bulletin Board: KISS) today issued the
following:
"Kismet Energy Corporation (the `Company') is pleased to announce that
operations are underway to connect the first well at Lake Wells
Prospect to Enogex pipeline. Kismet Energy has a 70% working interest
in this well and an immediate cash-flow from this well will strengthen
us financially.
"Kismet Energy made it financially possible for Energas to drill and
prove the Lake Wells Prospect, thereby, taking a significant risk out
of the prospect. Since we had a significant gas discovery, we are
appalled to note that Energas is now attempting to take our 70%
interest in the lands for which payment was made months ago. Kismet
Energy always has been able and willing to participate in the second
well at the Lake Wells Prospect and it was agreed that drilling should
start after the first well was connected to a pipeline. We are not
accepting refund from Energas in the amount of $63,364. Kismet Energy
has no intention to sell or assign all of its remaining leasehold
acreage outside of the initial test well drillsite at the Lake Wells
Prospect to Energas. We will seek legal remedies if this situation is
not resolved to Kismet Energy's satisfaction immediately."
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 at
1-888-722-1295.
SOURCE Kismet Energy Corporation
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Rakesh Dhir of Kismet Energy Corporation, 888-722-1295
/Web Site: kismetenergy.com
(KISS)
GEOGRAPHY: Oklahoma
California
Alberta
INDUSTRY CODE: OIL
SUBJECT CODE: DSC
OTC |
