PROPERTY ACQUISITION / Neutrino Resources Asset Swap
NEUTRINO ANNOUNCES INCREASED WORKING INTEREST IN INVERNESS/SWAN HILLS
CALGARY, Dec. 12 /CNW/ - Calgary-based Neutrino Resources Inc. today
announced the signing of a letter agreement under which Neutrino would
exchange a 27% working interest in its non-operated Handsworth field in
Saskatchewan for an increased working interest in its operated Inverness
property at Swan Hills, Alberta.
David Beckwermert, Executive Vice-President of Neutrino, reported the
agreement, signed with a senior energy producer in Calgary, would provide
Neutrino an additional 22% interest in its existing operated property at
Inverness, bringing Neutrino's total working interest to approximately 95%. He
indicated the letter agreement is scheduled to close on December 22, 1997,
with an effective date of November 1, 1997.
Beckwermert said ''We are pleased we were able to increase our working
interest in a core area which is demonstrating considerable potential for
Neutrino. Although the non-operated Handsworth field has been an important
project for us in the past, we believe this swap provides us with an
opportunity to increase our working interest in Inverness, a core operated
property.''
Neutrino is currently beginning an aggressive winter drilling program
which includes a minimum of 6 development wells and 5 exploratory wells.
Current daily production rates are approximately 3,200 barrels of oil
equivalent (BOE) and year-end projections call for 3,500 BOE per day.
Neutrino is a Calgary-based emerging oil and gas, exploration and
production company. Neutrino's common shares trade on The Toronto Stock
Exchange under the symbol ''NTO''.
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