FIELD ACTIVITIES / Ohio Resources Completion of 3-D Seismic
Program, Commencement of Winter Drilling and First Quarter
Results
VSE SYMBOL: OHO
DECEMBER 29, 1997
CALGARY, ALBERTA--Ohio Resources Corporation ("Ohio") (VSE-OHO) is
pleased to report the completion of the 14 square mile 3-D seismic
program at Turin, Alberta. By virtue of shooting the program,
Ohio has earned a 50 percent interest in 4.5 contiguous sections
of land. The results of the program are extremely encouraging and
the date quality is excellent. Ohio and its partner will commence
drilling the first of several wells on this property during the
first week of January.
At Midwinter, in northeast British Columbia, Ohio and its partner,
Pan East Petroleum Ltd., are currently mobilizing to drill four
horizontal wells. The first well is expected to spud before the
new year. Ohio will hold an APO 25 percent interest in these
locations, BPO Ohio will have a 7.5 percent gross overriding
royalty.
At Pembina, Ohio has earned a 20 percent BPO working interest in
one section of land by drilling a well during December. Testing
is continuing and final results will be released when available.
During December, proceeds of $207,500 were received on exercise of
outstanding share purchase warrants.
Ohio is pleased to report improved results for the first quarter
ended October 31, 1997. Petroleum and natural gas revenues before
royalties increased 2.3 percent from $551,185 in 1996 to $563,944
in 1997. Cash flow from operations increased 17 percent from
$147,450 or $0.01 per share in 1996 to $172,586 or $0.02 per share
in 1997. Net income for the quarter increased from 12,108 or
$0.00 per share in 1996 to $70,586 or $0.01 per share in 1997. |
