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NeoMedia Says Loch Energy's First Burt Lease Well 'Exceeds Expectations,' with
Oil Sales Ready to Begin
Business Editors
FT. MYERS, Fla. & HOUSTON--(BUSINESS WIRE)--July 9, 2003--NeoMedia
Technologies, Inc. (OTCBB: NEOM) said today that Loch Energy, Inc.,a
company it plans to acquire, reported pumping oil from one of its
wells and anticipates selling that oil shortly.
"Patrick E. Ashworth, Loch's CEO, reported that approximately 70
barrels of oil were pumped from well #10 on the R.E. Burt lease in
just a five-hour period, 'exceeding expectations'," said Charles T.
Jensen, president and acting COO of NeoMedia. Ashworth said Loch
anticipates selling the oil "as soon as next week."
Jensen said Ashworth also reported that Loch has successfully
completed Texas Railroad Commission H-15 Testing on its Amoco #4 well
in Liberty County, Texas.
NeoMedia previously announced plans to acquire and merge with Loch
(see "NeoMedia Reaches Agreement in Principal to Acquire Loch Energy,
Inc." Business Wire, March 13, 2003), which owns mineral and lease
rights to five properties totaling approximately 130 acres. That
announcement said evaluation and estimates by oil specialists of
Loch's position show proven reserves of some 7,707,247 barrels, and
probable reserves of an additional 5,963,748 barrels, more than 13.67
million barrels in all.
About NeoMedia Technologies
NeoMedia Technologies, Inc. (www.neom.com), is an innovator and
international leader in print-to-Internet and other technologies which
make information faster and easier to access, with expertise in
homeland security and e-authentication applications.
About Loch Energy, Inc.
Loch Energy, Inc., is a low-cost, environmentally-conscientious
and safe producer of oil and gas properties, and a strong advocate of
creating an environment in which the oil and gas industry, and related
businesses, prosper and grow through responsible development of
Texas's natural resources.
This press release contains forward-looking statements within the
meaning of section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. With the exception of
historical information contained herein, the matters discussed in this
press release involve risk and uncertainties. Actual results could
differ materially from those expressed in any forward-looking
statement.
--30--KK/ny*
CONTACT: NeoMedia Technologies, Inc.
Charles T. Jensen, 239/337-3434
cjensen@neom.com
or
Loch Energy, Inc.
Patrick Ashworth, 281/548-0175
or
The Kaminer Group
David A. Kaminer, +(914) 684-1934
dkaminer@kamgrp.com
KEYWORD: TEXAS FLORIDA
INDUSTRY KEYWORD: SOFTWARE E-COMMERCE INTERNET ENERGY OIL/GAS
MARKETING AGREEMENTS
SOURCE: NeoMedia Technologies, Inc.
Today's News On The Net - Business Wire's full file on the Internet
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URL: businesswire.com
Jul-09-2003 12:30 GMT
Symbols:
US;NEOM
Source BW Business Wire
Categories:
MST/R/US/TX MST/R/US/FL MST/I/SOF MST/I/NET MST/I/OIS MST/I/OIL
MST/S/PDT |
