Bill and Guyan,
Found another Austin Chalk Co. that I'm very interested in. Here's a little something I pasted together. Check it out and let me know what you think. I'll see if I can start a thread on it:
Latest news, 03/04/98
biz.yahoo.com
News Letter that is promoting NTAH
The GMT News Letter
globalminerals.com
Industry: Oil/Gas
Symbol: NTAH
Exchange: BB NASDAQ
Telephone: 561-626-9901
Fax: (561) 626-2415
Toll Free: 1-888-689-7706
Website: www3.stockgroup.com
Shares Outstanding : 14,765,000
Current Quote 03/06/98: .40
Target: $3.75
Nevtah Capital Corp. recently entered into a milestone agreement with Tower Oil LLC of Nashville, Tennessee to form a strategic Joint Venture that is expected to result in near-term production of up to 300 barrels of oil per day on the first project now being completed in Texas. Four other horizontal drilling projects on leases in Texas and Tennessee will commence in December 1997 and be completed by February 1998, adding significantly to the companies revenue. In addition, Nevtah plans to drill its first gas well on the Matagorda Island lease during April 1998.
Tower Oil will transfer all of its assets into Tower Oil International LLC, in which Nevtah will earn a 60% interest. Nevtah is commited to spending $1.5 Million over 9 months in developing Tower Oil's leases.
Under the terms of the agreement Nevtah will acquire 60% interest in Tower Oil, the current rights holder to six prime oil and gas projects in southern United States. Tower Oil LLC and Nevtah will form Tower Oil LLC in which Nevtah will retain a 60% ownership.
The objective of the agreement is to advance six projects in regions Tower Oil owns oil and gas leases and wells into production over the next six months through a modernized upgrading program utilizing advanced technology and horizontal drilling.
Through the well-defined program, Nevtah Capital Management Corp. will benefit greatly from the large land holdings of Tower Oil LLC.
Based on historical yields and projections derived from conservative estimates, the company anticipates a production range of 1000 to 1500 barrels of oil per day from five strategic oil projects starting at the six month level of implementation. Net profits per year, based on current oil prices are projected to reach $1.6 million by year one,
rising to $6 million per annum upon completion.
Texas Gas Project
As part of a major initiative to enter into near term production, Nevtah, through its 60% owned Joint Venture company Tower Oil International LLC, will be a major participant in the Matagorda Island natural gas project, a large sand barrier island off the coast of
Texas.
A comprehensive refurbishing and technological advancement program on Matagorda Island is projected to significantly enhance revenues. Based on current markets gas prices, yields from production are expected to range from US$600,000 to US$1,200,000 in net profits per annum. |
