And another news release. Progress jusr continues.
"United Bolero Development Corp (C-UNB) - News Release
United Bolero's Sidney 2-33 produces 22 bbl/d
United Bolero Development Corp UNB
Shares issued 10,263,214 Mar 30 2004 close $ 0.38
Wednesday March 31 2004 News Release
Mr. Michael England reports
UNITED BOLERO COMMENCES PRODUCTION IN WYOMING
United Bolero Development has released the preliminary flow rates of 22 barrels per day from well No. 1 (Sidney 2-33) at the Smokey Gap project located in Wyoming. Schlumberger Oilfield Services will be on site today performing more in-depth analysis of Sidney 2-33. Well No. 2 (Sydney 1-33) has a pay zone of approximately 20 feet, however, it did require some additional attention, which resulted in the decision to place a plug below the fracture in order to prevent oil from seeping down to the next fracture. This plug appears to have been successful and as such Schlumberger will be perforating this well. More details will be announced as soon as possible.
President, Mike England, states: "We are very pleased at the initial results of our new venture. United Bolero has taken the first step towards becoming a successful junior company with cash flow and revenues now emerging. Bolero plans to maintain an aggressive growth strategy by acquiring undervalued assets and obtaining financing to advance them to their full potential."
United Bolero will earn a 50-per-cent working interest in each of the five wells contained in the Smokey Gap agreement with Big Snowy by spending $50,000 (U.S.) per well on drilling costs. To date, two wells have been drilled on the Smokey Gap field. The drill site for the third hole has been prepared and upon completion of perforation of Sydney 1-33, drilling will commence.
The company's private placement announced in Stockwatch on Feb. 19, 2004, is now closed and approved by the TSX Venture Exchange. " |
