I am thrilled with the "dividend," we do deserve it. Not so thrilled that this is another one of them thar OTC mining companies...in the Dead Sea no less...take a look at this PR, I LOVE the headline:
Israel Blesses Ness With Extension
WILLOW PARK, Texas, March 10 /PRNewswire/ -- Ness Energy International, Inc. (OTC Bulletin Board: NESS) (Symbol "NESS," also referred to as "the
Company") announces that Hayseed Stephens, the company president, recently returned from Israel where he delivered the "Recommendations for Drilling Report"
to the Petroleum Commissioner on the Elohim Perazim #1 well. Management is highly encouraged with new geological and geophysical information that resulted from
the independent study that was done in preparation of this report. The Company also announced an extension from the original spud-in date of April 1, 2000 to
September 10, 2000 has been obtained because of delays that are set out, in detail, in this press release.
In spring of l998, Hesed Energy International, Inc. ("Hesed") an affiliate of the Company, which at that time was known as "Ness Energy International, Inc.," entered
into a contract with the Israel Oil Company. Pursuant to this, Hesed was entitled to acquire, subject to regulatory approvals in Israel, drilling rights in a part of the
Dead Sea area in Israel. This was, subsequently, designated as the "Hesed License." In early fall, l998, the necessary regulatory approvals in Israel were granted.
While the Hesed License itself was granted to I.O.C., the Petroleum Commissioner specifically approved I.O.C.'s assignment of the rights in over 95% of the license
area to Hesed. Pursuant to its agreement with Hesed, I.O.C. retained a 12-1/2% back-in-after-pay-out working interest in the first well to be drilled by Ness in the
area of the Hesed License. The Israeli regulatory authority set an April 1, 2000 deadline for "spudding-in" a well within the Hesed License area. As indicated above,
that date has been extended to September 10, 2000 so additional funding arrangements can be finalized to allow the Company to acquire 45% of the working
interest in the Hesed License and pay for the Company's pro rata share of drilling the Elohim Perazim #1 deep test. The estimated total cost of the Israel project,
including the drilling rig, is approximately $35,000,000.
In October of 1999 the Company entered into a rig purchase agreement to acquire an IDECO H3000 drilling rig and equipment. Substantial payments have been
made by the Company toward the purchase price. However, other funding commitments obtained during the previous year, to complete the purchase of the rig, have
not materialized to date. As a result, the Company announced that an agreement to renew and extend its initial financing arrangements with the lien holder has not
been finalized and negotiations are continuing. Refurbishment of the rig, on behalf of the Company, has ceased until the final financial plan is accepted. The rig will
remain titled in the name of the rig seller until this purchase is completed.
The Company previously announced a plan to acquire two affiliated oil companies, Hesed Energy International Inc. ("Hesed") and Ness of Texas, Inc. ("Ness of
Texas"). Although the Company intends to complete this acquisition, because of the additional time required to achieve the necessary funding for all of the projects
being undertaken in Israel, management has decided to delay the acquisition. It is contemplated that a new merger and acquisition plan will be implemented, prior to
drilling the oil and gas prospects, in which the companies hold joint interests, namely the Ness Carve-Out and Ness Extension of the Massada License, in addition to
the Elohim Perazim #1.
The Company has been served with a lawsuit demanding that the Company pay to the Plaintiff 500,000 shares of the Company common stock. The Plaintiff was not
a shareholder at the time present management took control of Ness Energy International, Inc. (then Kit Karson Corporation) on December 22, 1997, and had not
been a stockholder since November of 1985. Management believes that the Plaintiff has no standing to bring the present legal action and that the demand is totally
without merit.
This news release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of l933, as amended, and
Section 21E of the Securities Exchange Act of l934, as amended. Those statements include statements regarding the intent, belief, or current expectations of the
Company and its Management team. The Company's shareholders and prospective investors are cautioned that any such forward- looking statements are not
guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking
statements. Such risks and uncertainties include among other things, competitive, economic and regulatory factors in the petroleum and drilling industries, general
economic conditions, the ability of the Company and its affiliated companies to manage their growth and successfully implement their business strategy, as well as
other risks and uncertainties discussed herein and are as detailed from time to time in the reports filed by the Company with the Securities and Exchange Commission.
For additional information call Hayseed Stephens, president, 817-341-1477 (phone); 817-598-0440 (fax); Nessenergy@compuserve.com (email address); |
