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Gold/Mining/Energy : United Bolero Development

UNB 22.91

+1.2%

Oct 31 3:43 PM EST

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To: SAM-DAN who started this subject	3/17/2004 11:37:35 AM
From: SAM-DAN	of 9

Latest PR from UNB " UNB Company Snapshot SUBJECT: Latest PR from UNB United Bolero Development Corp UNB Shares issued 10,263,214 Mar 16 2004 close $ 0.39 Wednesday March 17 2004 News Release Mr. Mike England reports UNITED BOLERO REACHES TOTAL DEPTH IN WYOMING United Bolero Development has released encouraging results on the first well of its previously announced Smokey Gap drilling program in Wyoming with joint partner Big Snowy Resources. United Bolero will proceed with production testing of the Sydney 2-33 well, which reached a total depth of 660 feet March 16. The Sydney 2-33 well intersected three fractured zones in the Niobrara shale formation, exhibiting excellent reservoir characteristics, and having approximately 20-plus feet of high-quality oil pay. United Bolero anticipates logging and production testing will be completed in five to 10 days on the Sydney 2-33 well. United Bolero is also pleased to report that it has completed its previously announced private placement financing to raise gross proceeds of $300,000, subject to the final approval of the TSX Venture Exchange." 20+ is a very conservative estimate of the flow rate from this first well. It is encouraging that they achieved a "hit" on the first well. Understand a completion rig is being installed today and the drilling rig has been moved to the next target site. Five wells at a minimum will be drilled on the first go round. Assuming an average of closer to 40 barrels a day from all 5 wells[which I believe is conservatively possible] it will establish a cash flow to not only pay administrative costs for UNB but provide funds for additional exploration wells in sites still to be announced.

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