Tappit completes well, production to start March 1
Tappit Resources Ltd TPT
Shares issued 45,998,032 2000-02-10 close $0.34
Thursday Feb 10 2000
Mr. Lawrence Bintner reports
A gas well has been completed at Bentley, Alta., near the company's core Elk Point property. Flow testing indicates a highly permeable reservoir with deliverability between 1.0 million cubic feet/day (1.0 mmcf/d) and 1.5 mmcf/d. Production is expected to begin on March 1.
Tappit currently produces 1,450 barrels of oil equivalent a day. With the recently completed well mentioned above, production will be 1,550 to 1,600 boe/d in March. Tappit will then have a gas/oil ratio of 60/40.
First quarter cash flow should exceed $2.0-million ($8.0-million annualized). Tappit currently has 45,998,032 shares outstanding at Jan. 31, 2000, setting the stage for annualized cash flow per share of 19 cents. |
