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Microcap & Penny Stocks : IMMM ( I'm Mad Monk)
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To: Mad Monk who wrote (916)5/23/1997 1:46:00 PM
From: D. Burton   of 1480
 
At the time of the press release announcing the drilling, I was told that it had been faxed and revised 4 or 5 times and that UPacifac "might be coming out with their own release". One obvious assumption is that UP insists on having things done exactly one way- its way.
It would appear that the first well has been drilled without discovering commercially significant oil deposits, but that as an experiment to prove the technology's ability to identify geological anomalies, it may have generated significant interest. Why else would they drill so far past the level where the deposit was expected? The results of the complete drilling are no doubt being carefully logged and compared to the EM graph to test its reliability. No doubt the first drill site is probably the most geologically interesting (lots of variety). Hopefully the second will be more profitable.
Disclaimer: I too am mad and this should not be taken as investment advice
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