NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: OPTIMA PETROLEUM CORPORATION
TSE SYMBOL: OPP
NASDAQ SYMBOL: OPPCF
SEPTEMBER 25, 1996
Optima Petroleum - New Louisiana Success Boosts
Production - New Research Coverage
CALGARY, ALBERTA--Optima Petroleum Corporation reported test
results from the SW Holmwood prospect, Calcasieu Parish,
Louisiana. The TMRX - Ben Todd #1 well was successfully drilled to
a depth of 12,541 feet and intersected 39 feet of net gas pay in
the Marg Tex sands, which tested at a stabilized rate of 12.6 mmcf
of gas and 1,051 barrels of oil per day, on a 22/64" choke, at a
flowing tubing pressure of 6,046 psi.. First sales are expected
to commence mid-October 1996. Optima has a 8 percent working
interest until payout of 300 percent of intangible costs plus 100
percent of tangible costs. Thereafter, Amoco backs in for 50
percemt of this interest. Combined with other recent drilling
successes, this well will help boost the Company's daily
production rates by an estimated 30 percent to 1,720 BOE per day.
Optima has budgeted for the drilling of an additional three wells
in Alberta, Canada and five wells in Louisiana and New Mexico,
United States prior to year end 1996. Average after payout
interest approximates 30 percent.
Optima is pleased to announce that Oppenheimer & Co., Inc. has
initiated research coverage and issued their first research report
on the Company dated September 16, 1996 with a market perform
rating. Oppenheimer & Co., Inc., established in 1950, is a
privately-owned securities brokerage, investment banking and asset
management firm offering financial services to corporations,
institutions and substantial private investors worldwide.
Optima Petroleum Corporation is an independent oil and gas
exploration company rapidly escalating its production base in the
U.S. Gulf Coast and Central West Alberta, Canada. Common shares
trade actively on the NASDAQ National Market System and on the
Toronto Stock Exchange.
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