FIELD ACTIVITIES / Correction from Source: Benz Announces
Development Results From Oak Hill Field
VSE SYMBOL: BZG
JULY 23, 1998
HOUSTON, TEXAS--Benz Energy Ltd. today announces the successful
addition of 2 million cubic feet of gas per day from recompletions
of two wells at the Company's Oak Hill Field, which is located in
Gregg and Rusk Counties, Texas.
The LCGU No. 3 well, which was producing from the Taylor Sand at
an average rate of 250 thousand cubic feet per day, was perforated
and fractured in the Upper Cotton Valley sands at depths from
9,700 feet to 10,058 feet. The well is currently producing 1.288
million cubic feet per day with the Taylor Sand isolated. The LCGU
No. 4 well was perforated and fractured at depths from 9,730 feet
to 10,030 feet and is currently producing at a rate of 776
thousand cubic feet per day with the Taylor Sand isolated. Benz
operates the field and owns an average 88 percent working
interest.
John Brooks, Operations Manager at Benz, commented, "These two
recompletions are the beginning of a 6-well, 11-zone program to
exploit the additional reserves in this field. This project could
add as much as 8 million cubic feet net to the company's daily
production. We are proceeding with the recompletion and fracturing
of additional zones at this time and expect to finalize this
exploitation program and have the new production on line by the
end of August."
Benz Energy Ltd. is an exploration and development oil and gas
company based in Houston, Texas, focused on the U.S. Gulf of
Mexico region.
Cautionary Statement as to Forward-Looking Information
Investors are cautioned that the preceding statements of the
Company include certain estimates, assumptions and other
forward-looking information ("forward-looking statements
(information)"). The actual future performance, developments
and/or results of the Company may differ materially from any or
all of the forward-looking statements (information), which include
current expectations, estimates and projections, in all or part
attributable to general economic conditions and other risks,
uncertainties and circumstances partly or totally outside the
control of the Company, including rates of inflation, natural gas
prices, reserve estimates, drilling risks, future production of
oil and gas, changes in future costs and expenses related to oil
and gas activities and hedging, financing availability and other
risks related to financial activities.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
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