Logic has finally got a deal put together in Long Valley. Todays release reads like this. Stock firmed nicely over last 2 days. Should be an exciting winter!
Nevada leases purchased
Western Logic Resources Inc WLT
Nov 13 close $0.13
Fri 14 Nov 97 News Release
Mr John Campbell reports
The company, through its wholly owned subsidiary, Western Logic Resources,a Nevada company, has purchased 6,790.16 acres of mineral leases in Long Valley, White Pine County, Nevada for S$1,050,000 from Paleozoic Prospects, Inc of Wichita, Kansas. The leases are subject to a 12-1/2%lessor royalty to the Bureau of Land Management and a 7-1/2% overriding royalty interest to Paleozoic Prospects, Inc. Western Logic will issue three million shares at US$0.35 as compensation for the purchase. This
multi zone prospect has potential producible reserves of 50 million barrels of oil in the Devonian Guilmette Formation and 25 million barrels of oil from the Mississippian Joana Limestone and the Chainman Shale. Potential flow rates are anticipated to be 1,000 barrels per day of 35 degree API oil. At present, Western Logic has a 100% working interest in the project.
Western Logic LLC expects to announce a spud date of the earning well shortly. |
