Pangea Petroleum Announces Natural Gas Project
Business Editors & Energy Writers
HOUSTON--(BUSINESS WIRE)--Feb. 8, 2000--Pangea Petroleum, Inc. (OTC BB:PAPO) today announced that they have signed a letter of intent with Clay Exploration (a privately held energy firm) to purchase 5% of the Richardson Deep Discovery Mepus Hamilton No. 1 natural gas prospect in Duval County, Texas. Additionally, Pangea Petroleum has obtained an option to purchase an additional 45% of the project.
Proven reserves for this well are estimated to be 7 BCFG (Billion Cubic Feet of Gas) and probable reserves are estimated to be in excess of 15 BCFG.
Charles B. Pollock, Chairman of the Board commented that he and Board were quite pleased with this outstanding gas prospect, particularly considering the dramatically bullish upturn in the energy markets.
The Richardson Deep Discovery well has been drilled and completed and a sales pipeline is currently available on the property. While the well requires certain stimulation, surface equipment and a number of repairs, it is estimated that initial gas production will start during the second quarter of 2000.
Special Note: Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made based on management's views and assumptions regarding future events and business performance at the time the statements are made. Actual results may differ materially from those
expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the company's performance anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
CONTACT: Pangea Petroleum, Inc.
Karen Cloud, 713/933-0377
KEYWORD: TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS
Feb-08-2000 03:47 GMT
Symbols:
US;PAPO
Source BW Business Wire |
