MERGERS-ACQUISITIONS / Optima Petroleum Merger Status / New
Production
TSE SYMBOL: OPP
NASDAQ SYMBOL: OPPCF
JULY 28, 1998
VANCOUVER, BRITISH COLUMBIA--Optima Petroleum Corporation
announces that the prospectus and proxy solicitation circular for
the proposed merger between Optima Petroleum Corporation and
American Explorer has been receipted by the Securities and
Exchange Commission. This Information Circular has been mailed to
registered shareholders for ratification at a Special Meeting of
the Shareholders to be held Friday, August 21, 1998.
The merged entities would continue under the new name of
PetroQuest Energy Inc., a Delaware Corporation.
Optima Petroleum Corporation and American Explorer announce that
the Fleury #1 well, operated by KCS Resources Inc. has been
completed. The well tested at the rate of 2.1 million cubic feet
of natural gas per day and 70 barrels of condensate through a 9/64
inch choke. The flowing tubing pressure was 4,260 PSIG from
perforations of 13,027' to 13,043' with no water produced.
Production is anticipated to begin October 1, 1998. Optima
Petroleum Corporation and American Explorer, Inc. jointly own
33.25 percent working interest before payout and 13.3 percent
working interest after payout.
Optima, with TMR Explorations, has also completed the J.W. Maddox
#1 well, East Haynesville, Louisiana, in the Smackover Sand.
Daily production, anticipated to commence prior to the end of
August, 1998, is expected to approximate 750 thousand cubic feet
of gas and 100 barrels of gas liquids. Optima has a 29 percent
working interest in this well.
At the Valentine project, LaFourche Parish, Louisiana, the 85.7
square mile 3-D seismic program has been shot and all field work
completed. The operator of this project, American Explorer,
anticipates receipt of the processed 3-D data set on or before
November 1, 1998.
Optima Petroleum Corporation trades publicly on the TSE (OPP) and
on the NASDAQ National Market System (OPPCF).
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