For those who may have missed it, here's the release:
CALGARY, Alberta--(BUSINESS WIRE)--April 14, 1997--Optima Petroleum Corp. (TSE:OPP., NASDAQ:OPPCF) Optima Petroleum Corporation reported today its current completion schedules and proposed drilling activities for the Second Quarter, 1997.
EAST HAYNESVILLE, CLAIRBORNE PARISH: Optima 28 percent W.I.
DUBBERLY no.1 - In production at a sustainable rate of 1 mmcf/day plus 130 bbls of oil from the Smackover "C" zone.
GARRETT no.1 - Currently drilling - target depth of 10,500 feet, to test the Smackover Lime and the Smackover "C" Up-dip to the Dubberly no.1 Estate. Drilling time to test - 35 days.
TMR BACKRIDGE, CAMERON PARISH: Optima 8 percent W.I.
HENRY 28-1 - In production at a rate of 1,100 bbls of oil/day and 450 mcf gas.
DAVIS 26-1 - In production at a rate of 1,400 bbls of oil/day and 1,850 mcf gas.
DAVIS 26-2 - Currently drilling at 11,900'. Targeting Abbeville Sands - drilling time to test - 45 days.
HENRY 29-1 - Expected to commence drilling in early May, 1997 to test the fourth of seven 3-D determined fault blocks in the Backridge Prospect.
Optima expects current completions should compliment second quarter '97 production by over 25,000 BOE. First quarter '97 production is estimated at 130,000 BOE.
Further 1997 drilling plans in the Southern U.S. include:
WEST SANDY CREEK - LAVACA COUNTY, TEXAS: Optima 20 percent W.I.
14,000' 3-D based Wilcox test expected to commence drilling early July, 1997 - drilling time to test - 75 days.
CHRYSLER PROJECT - LEA COUNTY, NEW MEXICO: Optima 25 percent W.I. No.6 -P - 12,000', 3-D based Wolfcamp/Devonian oil test expected to commence drilling in July, 1997. Drilling time to test - 60 days.
EAST HAYNESVILLE: Optima 28 percent W.I.
At least 2 additional wells planned in third and fourth quarters. TMR BACKRIDGE - CAMERON PARISH, LA: Optima 8 percent W.I.
At least 2 additional 3-D based wells in the third and fourth quarters following the Henry 29 -1.
TMR STELLA DOME - PLAQUEMINES PARISH, LA: Optima 8 percent W.I.
Preliminary plans for an initial 3-D based wildcat test later in 1997.
Optima Petroleum Corporation is an independent oil and gas exploration company targeting the development of projects with a minimum potential of five million barrels equivalent in the U.S. Gulf Coast and Alberta, Canada. Common Shares trade actively on NASDAQ National Market System and the Toronto Stock Exchange.
Certain of the foregoing statements may be deemed "forward-looking" statements within the meaning of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company's business are set forth in the filings of the Company with the Securities and Exchange Commission.
CONTACT:
Optima Petroleum Corporation
Robert L. Hodgkinson, 800/444-7704
or
Optima Petroleum Corporation
Ted Clark, 800/444-7704
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I feel for the short term this news is not going to do anything for the
stock. This is because they are not doing any of the real exciting
stuff until July. Most O&G microcap investors are too antsy to hang
around in a stock for 3 -- 4 months waiting for time to go by, even if
the stock is way undervalued.
However, the new play they announced, West Sandy Creek, is
going to provide the key missing ingredient to getting this stock price
back up --- big, exciting exploration upside. The Wilcox Trend is one
of the hottest plays going right now --- there are some huge fields
being found there these days. This well could easily find a field that
would double or triple the company overnight.
Regarding overall production, they mentioned that 1st quarter would be
lower than 4th quarter last year. This is not too encouraging. But
the 19% increase expected for 2nd quarter should give this thing a kick
in the pants when it's announced. |
