KISMET ENERGY CORPORATION
4200 Truxtun Avenue, Suite 300, Bakersfield, CA 93309
Toll Free: 1-888-722-1295 WEBSITE: www.kismetenergy.com
OTC Bulletin Board Symbol: KISS
NEWS RELEASE OCTOBER 14, 1999
Kismet Energy has started negotiations to increase its stake in the Midway Peak Prospect in Kern
County--California’s San Joaquin Valley because of its tremendous oil and gas potential.
BAKERSFIELD, CALIFORNIA--Kismet Energy Corporation (the "Company") has 20% working interest
in the Midway Peak Prospect in California's San Joaquin Valley and has started negotiations
to increase its stake because of the information acquired from the first well.
According to our geologist, the logs from Cree Fee 1A well indicate that over 400 feet of
gas bearing Temblor sands were encountered. The Temblor sands needed specialized
fracture to establish commercial production. Due to multiple holes in the casing and fear of
blow-out, it was not possible to conduct further work on the well and the government agency
required that Cree Fee 1A well be abandoned. Therefore, a new well was proposed to retest
and refracture the gas bearing Temblor sands and test deeper potential.
California’s San Joaquin Valley has phenomenal potential of hydrocarbon reserves
and several exploration projects are underway to test deeper potential: East Lost Hills (
Bellevue Well), Cal Canal, Lucky Dog, East Thornton and EKHO. The companies
aggressively pursuing exploration plans in the San Joaquin Valley include Berkley
Petroleum (BKP:TSE), Hilton Petroleum (HTP:VSE), Elk Point Resources (EKP:TSE),
Paramount Resources (POU:TSE), Ivanhoe Energy (IE:TSE) , Tri-Valley Corp.
(TRIL:OTCBB) and Solana Petroleum (SOP:ASE).
The main targets in Midway Peak Prospect are Point of Rocks sands, Temblor sands
formation (as in Bellevue No 1 blow-out well), McDonald shales and Cree sands formation.
Chevron (CHV:NYSE) made a giant discovery in Point of Rocks sands at Mckittrick which
is 8 miles north of Midway Peak Prospect.
An independent engineering report estimates the Midway Peak Prospect could contain
reserves of up to 9 trillion cubic feet of gas and 240 million barrels of oil in the Point of
Rocks sands if the structure contains hydrocarbons to 18,000 feet. In addition, 59 million
barrels of oil and 71 billion cubic feet of gas could be recoverable from Temblor sands
formation, McDonald shales and Cree sands.
The Company
Kismet Energy Corporation has a joint venture with a NYSE listed energy company in the
Midway Peak Prospect in California.
Further information can be obtained from our 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 @ 1-888-722-1295
KISMET ENERGY CORPORATION Rakesh Dhir |
