Well.. what do you think ?? it's not 250B per day..but......
ZEUS ENERGY CORP. ("ZUS-V")
- Drilling Update: South Tribbey Prospect, Schroeder #18-12 Well
Owen Richman, President of US Oil and Gas Inc. and Zeus Energy Corp. announces that the South Tribbey Well,
known as the Schroeder #18-12 well, which was drilled and cased July 24 was perforated Friday afternoon,
acidized and swabbed Saturday. After recovering only half of the acid wash, oil flowed at a rate of approximately
4-5 barrels per hour "water free". The operator will frac this Hunton zone, located at approximately 5,000 feet, and
place it on full production immediately. It is anticipated that after initial flush, the well will produce in excess of 100
Barrels of Oil per day with some very high BTU content gas.
This project should be considered a major find as it represents a new oil field with virgin pressures. The Companies
in the past 2 weeks have leased the remaining 500-600 acres with a minimum of a 5-6 well development program.
It is anticipated that this field will increase the Companies' recoverable oil reserves by 30-40%, the Companies
each own approximately a 43.75% W.I. in this project.
In an update to the proposed merger between US Oil and Gas Inc. and Zeus Energy Corp., a final fairness report
is currently being prepared by an independent evaluator and is expected within the next 3 weeks. This report will
be mailed to shareholders as part of the information circular to be voted on by the shareholders at an extraordinary
meeting to be held in approximately 60-70 days as required by the Companies' bylaw.
The Companies, through their operating arm Oak Hills Energy, continue to evaluate and accumulate properties as
part of an aggressive approach to increasing production through acquisitions, development, and exploration. Both
Zeus Energy Corp. and U.S. Oil & Gas Inc., over the next few months, will be going through their largest
exploration and development program to date. Further information can be obtained from the following web sites
usoilgas.com or tandemcap.com
TEL: (604) 273-1987 Owen Richman, President FAX: (604) 273-1982 US Oil and Gas Inc. |
