HOUSTON--(BUSINESS WIRE)--June 24, 1998--Mountain Energy Inc., traded under
the symbol (OTCBB:MTEI), Wednesday announced the addition to their
management team of Richard Hibbard, an exploration geologist and Aubrey
(Earl) Irby Jr., petroleum landman.
Hibbard received his B.A. Geology from Rice University and M.S. Physical
Science-Geology & Remote Sensing/Planetary Science from the University of
Houston. Hibbard's 24 year career in geological work includes such
prestigious companies as Exxon Exploration Co., Marathon Oil Co., Amoco
Production Co., and Kerr-McGee Corp.
Irby brings over 15 years of oil and gas experience to MTEI. Irby is a
member of the American Association of Petroleum Landman, the East Texas
Association of Petroleum Landman, and the West Houston Association of
Petroleum Landman.
Irby's experience as a landman includes research to determine surface and
royalty ownership; negotiation of terms for oil; gas and mineral leases;
title curative; supervise lease checks; purchase right of way;
interpretation of aerial photographs and contour maps; and obtaining permits
for a 3-D Seismic tests.
The MTEI management team consists of personnel with no previous or current
affiliation to the former company ICVI.
MTEI wishes to correct and clarify a previous release dated June 18 in
regard to a typographical error stating 20,000 acres owned and referencing
an additional 8,000 acres being purchased.
As of this date, Mountain Energy has purchased and accepted the deed to
numerous properties in West Virginia totaling more than 5,000 acres. In
addition MTEI has a letter of intent with Pacific Tax Properties to purchase
an additional 8,000 acres, plus or minus, pending the evaluation results of
a study presently being done by Stagg Engineering Company and the geological
and engineering staffs of MTEI.
Providing verification of product in place and on completion and receipt of
reserve studies, MTEI will then select specific properties we wish to
acquire and negotiate the acquisition. Mountain Energy's strategy is to
select and purchase only the properties determined by the above referenced
studies that have the most potential to economically and profitably produce
oil, gas, coal, or a combination thereof.
MTEI is constantly keeping in mind the need to build a very strong property
asset base prior to the beginning of the development and production of the
selected properties. In addition to the West Virginia properties, our staff
is currently studying oil and gas properties in Texas, Oklahoma and Wyoming.
Upon the completion of the study and selection of the properties that meet
the parameters defined above, Mountain Energy will begin negotiations and
attempt to acquire those properties that will most benefit the company and
our shareholders.
Statements in this news release may contain forward-looking information
within the meaning of Section 27A of the U.S. Securities Act of 1993 and
Section 21E of the Securities and Exchange Act of 1934 and is subject to the
safe harbor created by those sections. All statements, other than statements
of historical fact, included in this release, including, without limitation,
statements regarding potential future plans and objectives of MTEI are
forward-looking statements that involve risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in
such statements. MTEI assume no obligation to update information contained
in this release.
CONTACT: Mountain Energy Inc.
713/334-4111
Fax: 713/334-4666 |
