I just received the new investors package yesterday. Includes 1999 Annual Report, news releases, Corporate Update-Oct 99, and a nice little brochure on the SEMITROPIC Syndicate.
Here is just a bit from the packet:
CORPORATE UPDATE
working cap= $3,200,000
shares O/S = 10,700,000
Fully Diluted= 13,000,000
LONG TERM DEBT= Nil (Nada, Zilch,Zero!)
Syndicate has 75% net revenue interest in one of the largest contiguous blocks of land In the San Joaquin Valley near the Lost Hills play. Olympic has 37.5% and is the syndicate manager. The participants are developing plans to drill a test well to approx depth of 18,500'
In addition to deep play seismic data identified several shallower targets at depths around 4,000'. First of these targets will be tested with a well that is projected to commence drilling in November, 1999.
SEMITROPIC BROCHURE
-Gives a little of the history of the San Joaquin and the ELH blowout.
-Explains the relative position of the properties, faults and geological horizons
-discusses shallow potential
->30,000 producing wells in Kern County provide 62% of California's oil production and 9% of national output
- a GREAT little map showing the Syndicate lands in relation to surrounding fields/wells
-demographic info on all participants in the syndicate |
