ERHC Acquires Oil & Gas Property With 52 Million Barrels in
Estimated Recoverable Reserves
PR Newswire - October 17, 1997 17:24
ERHC CSMA %OIL %TNM V%PRN P%PRN
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BROUSSARD, La., Oct. 17 /PRNewswire/ -- Environmental Remediation Holding
Corporation (OTC Bulletin Board: ERHC) announced that it has acquired an oil
and gas property covering 13,000 acres in northeastern Utah, adjoining the
company's Uinta & Ouray Reservation operations.
The property contains oil and gas wells, which require minimal re-work to
be placed back on line, and equipment. It also has more than 107 oil and gas
well locations suitable for drilling. ERHC plans to use its proprietary
BAPCO(TM) Tool on the existing wells after re-work, and eventually develop the
property's extensive reserves with new drilling.
An independent geotechnical evaluation -- supported by findings of the
Utah State Geological Survey -- indicates that the property's gross
recoverable reserves total more than 52 million barrels of oil and more than
1.6 million barrel-oil-equivalent of natural gas.
The property was purchased from Salt Lake City-based, Coconino S.M.A.,
Inc. (OTC Bulletin Board: CSMA) and its private joint venture partners for an
undisclosed amount of cash and shares of ERHC's common stock, restricted
under SEC Rule 144. The stock and cash will paid out over eight months.
The property is located in the Uinta Basin, which has been recognized as one
of the most petroliferous basins in the United States. The Uinta Basin offers
unique, oil-rich geological structures that contain billions of barrels of oil
and trillions of cubic feet of natural gas.
Environmental Remediation Holding Corporation is engaged in oil and gas
production activities and environmental remediation, both domestically and
internationally. Through a series of acquisitions, the company has formed a
unique, full service organization dedicated to providing oil and gas related
services to major oil companies and government institutions. This includes
the development and rework of oil and gas properties, plug and abandonment
services (P&A), environmental engineering and consultation, hazardous waste
management (including NORM waste), non-hazardous waste clean-up,
transportation and disposal, and the manufacture and distribution of waste
clean-up materials. The company's stock is traded on the NASD OTC Bulletin
Board under the symbol "ERHC" and is listed in Standard & Poor's Corporate
Records.
This release may contain forward looking statements regarding ERHC's
future plans and expected performance based upon assumptions ERHC believes to
be reasonable. A number of risks and uncertainties could cause actual results
to differ materially from these statements, including without limitation:
fluctuations in the price of crude oil and natural gas, the success rate of
exploration efforts, the timeliness of development activities in Texas, Utah,
and the Gulf of Guinea, West Africa; changes in the political and economic
environment in which ERHC has international operations as well as other risk
factors described from time to time in the company's documents and reports
filed with the Securities and Exchange Commission.
For more information, visit ERHC's website at "www.erhc.com."
SOURCE Environmental Remediation Holding Corporation
/CONTACT: Noreen Wilson, V.P., or Jim Griffin, Director of ERHC,
516-433-4730; or Investor Relations for ERHC: Geoffrey Plank or Fred Johnston
of GFC Communications, 561-655-7575/
(ERHC CSMA) |
