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Microcap & Penny Stocks : OTC:BB News Releases

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To: Ga Bard who wrote (48)	3/10/1998 11:19:00 PM
From: Tim85gt	Read Replies (1) of 1177

NAMX Hits Reuters -- Tuesday March 10, 8:08 pm Eastern Time No Am Exploration sets Colorado oil exploration SEATTLE, March 10 (Reuters) - North American Exploration Corp (NAMX - news) said Tuesday it will use its remote sensing technology to select sites for test drilling for oil on land owned or controlled by Union Pacific Resources Group Inc (UPR - news) in Lincoln, Cheyenne, Kit Carson and Kiowa Counties, Colo. Under the non-exclusive contract, North American Exploration said, it will use data gathered with its EM Sounder technology to select a minimum of 15 drill sites per year on about 4,500 square miles of land. The company said it will drill wells on the selected sites. It added that Union Pacific Resources has the option to back in for a 50 percent interest -- pay half the drilling costs in return for a 50 percent interest in the well -- in each well, with a commercial show at the time of completion. Union Pacific Resources also has a first call on oil found and will purchase the gas from any commercial finds, North American Exploration said. More Quotes and News: North American Exploration Corp (OTC BB:NAMX - news) Union Pacific Resource Group Inc (NYSE:UPR - news)

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