New Zealand Oil and Gas ConcessionPalmWorks, Inc. Announces New Zealand Oil and Gas Concession
HOUSTON--(BUSINESS WIRE)--March 28, 2000--PalmWorks, Inc. (OTCBB:PMWK - news; www.palmworks.net), today announced their participation in a petroleum exploration permit in the Taranaki Basin of New Zealand.
Currently PalmWorks, Inc. owns a 15% working interest in petroleum exploration permit (PEP) 38721 covering approximately 48,000 acres of the Taranaki Basin on the North Island of New Zealand. This asset was the property of Titan Resources, Inc. of Houston, Texas and as a result of the merger with PalmWorks in October 1999, it is now an asset of PalmWorks.
The operator of PEP 38721, GEL Exploration of Houston, Texas, recently notified PalmWorks, Inc. that a rig has been contracted and location started. Drilling is scheduled to begin in May 2000.
The predominant exploration of date has been in the area of the PalmWorks, Inc. PEP 38721 concession. Swift Energy Co. of Houston, Texas (NYSE: SFY - news) announced March 20 of this year an approximate 2000 barrel a day discovery in the Rimu-Al Field on PEP 38719. Fletcher Challenge Energy (NYSE: FEG - news) also announced a large natural gas find in the Pohokura-1 Well in the Taranaki Basin.
To date, the Taranaki Basin has been the most productive area of discovery on the North Island. It has proven reserves of 14 trillion cubic feet of natural gas and 336 million barrels of oil and condensate.
The Okura and the Mount Messenger geological structures in the Taranaki Basin both have high reserve potential and present production history in the area. The Okura has been estimated to exceed 100 MBOE (million barrels of oil equivalent) in recoverable reserves. Swift Energy stated that its new field in this region could contain up to 500 million barrels of oil. The Mount Messenger structure is the targeted formation of the PalmWorks test well.
Based in Houston, Texas PalmWorks, Inc. is an Internet technology company specializing in online service and application deployment to both desktop and the WPDAs (Wireless Personal Digital Assistant) clients for business and consumer applications. PalmWorks also has active oil and gas interests in New Zealand.
Safe Harbor Statement
Certain information included in this communication contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high technology industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth and potential contracts. These forward statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. These risks include, among others, risks associated with unproven sales of the Company's products, risks associated with the software development process and risks related to the transition to a new management team.
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Contact:
PalmWorks Inc., Houston
Sherri Turner, 281/334-5940 |
