The new press release on Cayc is here more good news......
CAYE CHAPEL, INC. ACQUIRES 160 WELLS IN TEXAS.
Las Vegas, Nevada-June 1, 1998- CAYE CHAPEL, INC. (OTC BB- CAYC) announced today that it has acquired an additional 160 wells on approximately 2,150 acres of oil and gas mineral leases with estimated reserves of 3 million barrels of oil in South Central Texas for $250,000 dollars in cash and 1 million in CAYC common stock.
On May 28, 1998 CAYC announced the asset acquisition of Great Plains, Inc.(GPI)for $6 million in which CAYC acquired over 1800 shallow oil wells situated in South Central Texas on approximately 40,000 acres of gross oil and gas mineral leases in 15 separate oil fields. The acquisition also included all other valuable assets such as; seven portable swabbing units, all storage facilities, rolling stock, infrastructure, roads, oil inventory, and pipelines. The primary factor for the acquisition of GPI assets are the third party independent engineering reserve estimates of proved-producing, proved non-producing, and probable oil production from the 15 fields of 35 million gross barrels with cumulative estimated un-discounted future revenue potential of $526.5 million at $15 benchmark basis.
Coupled with the recent addition of approximately 160 wells and estimated reserves of 3 million barrels of oil CAYC has added to it's already significant assets in South Central Texas, which have now increased through the combined ownership of over 1960 shallow oil wells, estimated cumulative reserves of 38 million gross barrels of oil with an estimated un-discounted future revenue potential of approximately $570 million at $15 benchmark basis.
CAYC management is extremely pleased with the new acquisition. Management also believes that it is well on it's way to growth through acquisitions.
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This news release includes forward-looking statements that involve risks and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
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