Epic Oil steps up oil and gas leasing activity
Epic Oil and Gas Ltd EAS
Shares issued 18,731,706 Oct 18 close $0.12
Thu 19 Oct 2000 News Release
Mr. Michael Hopley reports
Epic Oil and Gas has recently stepped up its oil and gas leasing activity
in the Bellingham basin area of Whatcom county, Washington, in anticipation
of further exploration activity for deposits of shallow natural gas. The
area had several prolific natural gas wells up until the 1930s. In the
Ferndale area some of these wells are calculated to have produced over five
million cubic feet per day. Epic, through its wholly owned United States
subsidiary, Rival Resources, Inc., has been actively exploring in the area
since the mid-1980s. Since that time, substantial information has been
gathered including over 300 miles of seismic surveys and the drilling of
five test wells.
With the recent dramatic rise in natural gas prices, Epic has received
expressions of interest from other companies interested in conducting
exploration for oil and gas in partnership with Epic in the Bellingham
basin. As a result, a report has been completed that summarizes all
technical information held by Epic. It is hoped that this, in the near
future, will lead to Epic identifying a well-financed joint venture partner
to continue exploration in the area.
Subject to regulatory approval, Epic plans to issue 40,000 shares of the
company to secure an oil and gas lease on a 640-acre tract in Whatcom
county, Washington. No finders' fees are payable on this transaction.
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