US Oil & Gas Resource USR/Vancouver Message Board

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Gold/Mining/Energy : US Oil & Gas Resource USR/Vancouver

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To: sipila who wrote (28)	4/1/1998 11:14:00 AM
From: NeverLost	Read Replies (1) of 58

The News IS in: U.S. Oil and Gas Resources Inc USR Shares issued 13746223 1998-03-31 close $0.69 Wednesday Apr 1 1998 Mr Owen Richman reports Further to news in Stockwatch March 13 1998, the company, through its operating company, Oak Hills Energy, has signed the formal agreement with HS Resources. Oak Hills has earned a right to drill over a 22 section area (14,080 acres) in the Haskell and Pittsburg counties, Oklahoma. This area is underlain by coal seams, with the wells to be drilled to produce coal gas. Each well will be on 80 acre spacing, thus enabling the possibility of 176 wells to be drilled. Terms of the agreement are that Oak Hills will drill at least 30 wells in the first year and at least 15 wells in each of the second and third years for a minimum of 60 wells over a five year contract. Oak Hills will be the operator with US Oil and Gas owning an 85% WI and HS Resources holding a 15% WI. Planning, geological and engineering will begin immediately with mobilization to begin early May. The first wells are to be drilled by the end of May or early June.

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