19-Sep-2000 Old Ness Press Release Ness Signs With Drilling Contractor and Expects to Commence Drilling Before Christmas
TUESDAY, OCTOBER 03, 2000 11:19 AM
- PRNewswire
WILLOW PARK, Texas, Oct 3, 2000 /PRNewswire via COMTEX/ -- Ness Energy International, Inc. (OTCBulletinBoard:NESS):
Hayseed Stephens, President of Ness Energy International, Inc., returned from his 70th trip to Israel September 30, 2000, after days of meetings with parties connected to Ness' Israel oil project. During his trip, Mr. Stephens met with the Israel Petroleum Commissioner, principals of the Israel Oil Company, a joint venture partner in the Israel project, and executives of Lapidoth Israel Oil Prospectors Corporation, Ltd., a drilling contractor.
As a result, a contract was signed with Lapidoth to commence the re-entry and deepening of the Har Sedom #1 well by December 31, 2000. Lapidoth will furnish all equipment and labor, working on a "day-work basis". They will perform drilling services as directed by the Operator, Ness Energy. The re- entry and deepening of Har Sedom #1 will be in addition to Elohim Perazim #1 on this lease. It will satisfy drilling commitments while Elohim Perazim #1 funding continues to be completed. Har Sedom #1 was spud-in on this location in 1985 by Ness of Texas and three major oil companies in Israel; Paz, Sismica and I.O.C. In this prospect, at a depth of 5,000 ft., a bit broke off at the time the worldwide energy market hit a low of $8.50 barrel. PAZ, Sismica and I.O.C. chose not to continue with the project. Current prices and new technological developments make economic opportunity more advantageous.
In addition, a contract was signed with I.O.C., which extended the time to commence drilling, from September 10, 2000 to December 31, 2000, which conforms to the extended drilling commencement date provided for in the Lapidoth Drilling Contract. If production is achieved in Har Sedom #1, the lease will be held as long as the field is producing. The Petroleum Commissioner approved the request and issued a written extension of the Hesed License to Ness.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially and market products and/or services and other risks detailed from time to time in the Company's report filed with the Securities and Exchange Commission
For additional information call Rick Palmer, 817-341-1477.
SOURCE Ness Energy
CONTACT: Rick Palmer of Ness Energy, 817-341-1477
URL: nessenergy.com
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(C) 2000 PR Newswire. All rights reserved.
KEYWORD: Texas
Israel
INDUSTRY KEYWORD: OIL
SUBJECT CODE: CON
OTC
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