Dynamix Corp - June 24, 1998 News Release
Dynamix Corporation - Greasy Creek Gas Development Program
CALGARY, ALBERTA--Dynamix Corporation is pleased to announce that it has entered into an agreement (through its new wholly-owned, US subsidiary, Fastway Exploration, Inc.) for a 25 percent interest in a five well shallow gas development program, called Greasy Creek, in Johnson County, Kentucky, USA. The program's primary objective is Devonian Shale - Newman Ls. at 2500 feet. Secondary objectives include Berea Sandstone, Salt Sand and Maxon Sandstone formations. Anticipated schedule for the program includes:
1. Spudding commencing June 30.
2. Fracing commencing July 31.
3. Pipeline tie-in on August 15.
Total acreage is 5,336 acres and total cost for the entire program is $185,625 USD. The Corporation sees this program as a low-risk, long-term producing asset that will provide cash flow in US dollars. Additionally, Fastway Exploration, Inc. has an option to participate in the entire play that could reach 40 to 50 wells in total. The operator, Carson Associates, Inc., is a proven performer in Kentucky, with strong technical skills and over sixty years of experience.
Dynamix Corporation is a junior company with interests in petroleum industry.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dynamix Corporation
Richard LeBlanc
Executive Vice President/Director
(403) 221-7715
The Alberta Stock Exchange has neither approved nor disapproved
the information herein contained. |
