Tridon Enterprises Inc. Makes Announcement
Business Wire - November 26, 1997 11:29
%TRIDON-ENTERPRISES TEIM %CALIFORNIA %NEBRASKA %OIL %GAS V%BW P%BW
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BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Nov. 26, 1997--Tridon Enterprises Inc.
(Nasdaq:TEIM)(OTC:TEIM) Wednesday announced that it owns approximately 20 percent of the
issued and outstanding common stock of North American Exploration Corp. ("NAMX").
As released on Nov. 7, 1997, the results from NAMX natural gas flow tests on two wells drilled on
its exclusive 25,000 acre lease in Deuel County, Neb. revealed the following:
Well No. NX97294A: a D Sand test drilled to the depth of 3,200 feet flowed 1.2MMSCF per day
at 660 psi through a 3/8-inch choke for five days. The gas analysis showed 86.57 percent methane
with a trace of water. The Heating value is approximately 1,000 BTU.
Well No. NX97306A: a Niobrara Formation test drilled to the depth of 2,800 feet flowed
880MSCF at 640 psi through a 28/64-inch choke hole, and at the end of the three-day test flowed
520MCF.
Preliminary analysis of the company's data indicates the need for a development program of at least
23 wells on the Niobrara structure, and six wells on the D Sand structure which will begin
immediately.
This news release, other than historical financial information, consists of forward looking statements
that involve risks and uncertainties including planned construction and drilling activities, capital
expenditures and other risks. Actual events or results may differ materially.
CONTACT: Tridon Enterprises Inc.
Paul Ebeling, 310/858-7123
Kevin Welch, 310/786-8703 |
