NEOM:
NeoMedia Says First Truckload of Oil from Loch Energy 'Sold and Shipped'
Business Editors
FT. MYERS, Fla, and HOUSTON--(BUSINESS WIRE)--July 29,
2003--NeoMedia Technologies, Inc. (OTCBB: NEOM), said today said that
Loch Energy, Inc., which it plans to acquire, has shipped the first
truckload of oil from one of its leases.
"Loch CEO Patrick E. Ashworth reported that the first truckload
of oil from its R.E. Burt lease left the field via tanker on schedule
late last week," said Charles T. Jensen, NeoMedia's president and
acting CEO.
Ashworth said the truckload, 130.66 barrels in all, "was sold and
shipped at a gross price of $30.22 per barrel, which is comparable to
the benchmark price of West Texas Intermediate."
Two weeks ago, Loch announced selling and shipping the oil (see
"NeoMedia Says Loch Energy Has Contract for Sale of First Truckloads
of Oil from its R.E. Burt Lease Well," Business Wire, July 15, 2003.
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.
On Monday, NeoMedia also announced plans to acquire and merge with
Secure Source Technologies of Silver Spring, Maryland (see "NeoMedia
Technologies, Inc., Signs LOI to Acquire Secure Source Technologies,
Including Seven Patents with Homeland Security and Cellular Industry
Applications," Business Wire, July 28.)
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--BW/ny*
CONTACT: NeoMedia Technologies, Inc.
Charles T. Jensen, 239-337-3434
cjensen@neom.com
or
Loch Energy, Inc.
Patrick E. Ashworth, 281-548-0175
or
The Kaminer Group
David A. Kaminer, 914-684-1934
dkaminer@kamgrp.com
KEYWORD: TEXAS FLORIDA
INDUSTRY KEYWORD: E-COMMERCE INTERNET HARDWARE ENERGY OIL/GAS
SOURCE: NeoMedia Technologies, Inc.
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Jul-29-2003 16:30 GMT
Symbols:
US;NEOM
Source BW Business Wire
Categories:
MST/R/US/TX MST/R/US/FL MST/I/NET MST/I/CPM MST/I/OIS MST/I/OIL
MST/I/ISS |
