FIELD ACTIVITIES / T & H Resources Drilling Update
T & H RESOURCES LTD. - $904,326 RECEIVED FROM RIGHTS OFFERING, DRILLING
PROGRESS AT SOUTH FORT STOCKTON
Date: 7/17/98 10:30:49 AM
Stock Symbol: THE
Shares Issued: 30,144,210
T & H Resources Ltd. ("T&H") is pleased to announce that it has
closed its rights offering which was fully subscribed raising
gross proceeds of $904,326. T & H received subscriptions for
5,024,035 units, each unit consisting of one common share and
one-half of a common share purchase warrant. Each warrant
entities the holder to acquire one common share at a price of
$0.25 per share on or before April 15, 1999. The proceeds from
the rights issue will be used for general working capital
purposes.
T & H is also pleased to announce that the Winfield Ranch 17 No.
1-E Well, on the South Fort Stockton prospect in Pecos County,
has reached the 20,786 foot level and is currently drilling
ahead. Gas flares continue to be encountered while drilling and
the Winfield well is now 56 feet high to the projected seismic
pick and 516 feet high to the analog well.
T & H is enthusiastic about the drilling progress and looks
forward to reaching the secondary drilling objective at around
21,500 feet and 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. |
