Shamrock granted 180-day interest option at Absaroka
Shamrock Resources Inc SHJ
Shares issued 14,699,872 Jun 7 close $0.18
Wed 7 Jun 2000 News Release
Mr. Gregg Speirs reports
Shamrock has entered into an agreement with Wepco Energy, LLC, of
Englewood, Colo., whereby Wepco has granted Shamrock and its partner
Triton-Eurasia Petroleum, Inc., a 180-day option from May 31, 2000, to
acquire an undivided 50-per-cent interest in the Absaroka Ridge gas
project, in southwest Wyoming.
The terms of the Shamrock-Triton partnership will leave Shamrock with 12.5
per cent of 100 per cent of the entire project. Shamrock-Triton may execute
its option by making certain upfront, rental and lease cost payments, and
entering into an operating agreement with Wepco to drill an initial test
well, a re-entry and sidetrack of the General American-Phillips 1-11
Ray-Federal well, to a depth sufficient to test the Nugget formation, in
the Green River basin, in Lincoln county, Wyo.
The Absaroka Ridge prospect encompasses 22,500 gross acres. It is in the
same geological basin and is located in the adjacent county to the prolific
gas-producing Jonah field. Alberta Energy Company recently reported that it
had acquired gas production in the Jonah field of 140 million cubic feet
per day with substantial expected additional production.
Shamrock is currently in active negotiations to finance the execution of
this project, and intends to either finance it internally or through a
strategic partner.
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