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Gold/Mining/Energy : Daily News
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To: Kent C. who wrote ()6/17/1998 9:07:00 PM
From: Clark Kent  Read Replies (1) of 746
 
June 17 98 A-JRZ....Texas has Gas......s'cuse me
Subject:
Stockwatch: Jerez Energy International Inc - News Release
Date:
Wed, 17 Jun 1998 15:57:43 -0700


Interest in Texas gas prospects to be acquired

Jerez Energy International Inc JRZ
Shares issued 27,086,358 Jun 17 close $0.23
Wed 17 Jun 98 News Release
Mr. Jeffrey Scott reports
Jerez has entered into a letter of intent to acquire a 10 per cent working
interest in a high potential reef prospect with potential recovery in
excess of one trillion cubic feet of natural gas.
The prospect is in a southeastern Texas area known for multi-zone gas
prospects. Texas also offers a stable market and excellent prices for
natural gas. Drilling on the prospect is expected to begin in the fall of
1998.
The company has also agreed to participate with a 6.25 per cent working
interest in a joint venture land acquisition program in southeastern Texas.
Joint venture participants will pursue the acquisition of a variety of reef
and other natural gas prospects. Jerez has the option to increase its
interest through a negotiated farm-in for an additional 6.25 per cent. The
acquisitions are subject to completion of satisfactory participation
agreements.
Meanwhile, the company continues to monitor the continuing changes in the
Nigerian government after the recent death of General Sani Abacha, head of
state. Jerez requires government consent for a light oil farm-out agreement
signed in February 1997 prior to the development of the Ogbelle and Omerelu
fields in the prolific Port Harcourt area of Nigeria.
WARNING: The company relies upon litigation protection for
'forward-looking' statements.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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