Thread,
hmmm....gettin that warm fuzzy feeling on this one...
CALGARY, Alberta--(BUSINESS WIRE)--Nov. 18, 1999-- Solana Petroleum Corp. (''Solana'') announced today that it had engaged Noble House Investments Inc. (''Noble''), and its principal, Dan Patience, to provide consulting services in the area of Investor Relations. Under the 12 month contract, which is subject to cancellation on 30-days notice by either party, Noble will provide a wide range of investor and financial services to Solana, as the company rapidly expands its oil and gas holdings in both North and South America. The agreement between Solana and Noble is subject to the approval of The Alberta Stock Exchange.
Solana is pleased to have the capable financing assistance of Noble, and the experience of Dan Patience in particular, as we prepare for the drilling of additional exploratory wells and possible development activities in our properties in the Eastern Llanos Basin of Colombia, the Cal Canal deep gas project in Kern County, California and our recently-announced acquisition of rights to 30,000+ acres of deep gas prospects in West Virginia. Here, Columbia Energy Group has announced two significant deep gas well completions in the Ordovician Trenton-Black River formation on a structure known as Vineyard Ridge.
At Cal Canal, Solana has the right to earn a 25% working interest in a 40-acre lease located on the Cal Canal Anticline now being drilled by Berkley Petroleum at Cal Canal No.1. The border of Solana's tract is 1,500 feet from the Cal Canal No.1 well, which reportedly is drilling in the Temblor formation at about 17,500 feet. Berkley has recently announced that they have encountered ''significant gas shows'' in the Cal Canal well.
In West Virginia, the Hoff No.1 well in Roane County, in which Solana has the right to elect a 25% working interest from Martin Twist Energy Co., LLC (''Twist Energy''), will resume drilling in about ten days, at a depth of approximately 2,000 feet on the Vineyard Ridge Structure, after completing rig repairs. The well is also a deep gas test to the Trenton-Black River formation, which is anticipated at about 10,500 feet.
The Hoff No.1 is located 3,000 feet to the west of the third well in a twelve-well program recently-commenced by Columbia as a follow-up to their two initial discoveries on Vineyard Ridge, which Columbia has named the ''Cottontree Field''. Solana will also have the option to participate on a well-by-well basis with a minimum working interest of 70%, in an additional six well, deep gas exploratory program on a 788 acre lease block held by Twist Energy on the Vineyard Ridge Structure, bracketing Columbia's wells on both sides.
In Colombia, Solana and its partners are preparing to spud the Mateguafa No.2 appraisal well next month on the Tapir Association Contract in the Llanos Basin of the Eastern part of the country. The first exploratory well on the Tapir Block, Mateguafa No.1, which Solana holds a 38.125% interest, tested 777 barrels per day of 32 degree API gravity oil earlier this year. The company recently announced the pending acquisition of up to an additional 11.875% of the Tapir Contract from Seven Seas Petroleum Colombia, Inc., which when completed, will give Solana a 50% working interest in the Contract.
Solana also holds rights to earn a 50% interest in the 126,000-acre Cano Caranal Association Contract, also in the Llanos Basin of Colombia, where a number of large structures are being evaluated for possible drilling.
This release may contain forward looking statements including expectations of future oil and gas production implying an assessment that the resources described can be produced profitably in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.
Solana Petroleum Corp. trades on The Alberta Stock Exchange under the symbol ''SOP''.
The Alberta Stock Exchange has neither approved nor disapproved of information contained herein.
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Contact:
Noble House Investments Inc.
Dan M. Patience, 403/262-7111 or toll free, 800/499-2388
noblehouse@home.com
or
Solana Petroleum Corp.
James B. Taylor, 505/983-7591
or
Wayne Stromme, 403/261-9019 or toll free, 877/261-9019
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