FIELD ACTIVITIES / T & H Resources Ltd. Drilling Update
T & H RESOURCES LTD. - DRILLING PROGRESS AT SOUTH FORT STOCKTON
Listed: TSE
Symbol: THE
Shares Issued: 30,144,210
TORONTO, July 7 /CNW/ - T & H Resources Ltd. (''T&H'') is pleased to
announce that the Winfield Ranch 17 No. 1-E Well, on the South Fort Stockton
prospect in Pecos County, has reached the 20,260 foot level and is currently
drilling ahead.
T & H is also pleased to announce that gas flares have been encountered
while drilling between 19,500 feet and current depth. The gas shows correspond
to a zone in the analog well indicating that the Winfield well is now 152 feet
high. The Midland, Texas based-operator, Baytech, Inc., is very encouraged by
the drilling progress and anticipates setting intermediate casing
approximately 10 days from now at around 21,000 feet.
T & H is also enthusiastic about the drilling progress and looks forward
to reaching the primary drilling objective which is the Ellenburger formation
at 26,000 feet.
T & H has paid 20% of the turnkey cost of drilling the initial well to
earn a 20% interest in the well and a 15% interest in the contract lands.
T & H's interest in the initial well is subject to Baytech's 25% back-in after
payout.
T&H will be closing its rights issue on July 16th, 1998. This issue was
made to shareholders of record on June 24th, 1998. One right was issued for
each share held on the record date with six rights entitling the rights holder
to purchase one unit consisting of a share and a half share purchase warrant
for $0.18.
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