American Resources of Delaware, Inc. Announces Drilling Results
VERSAILLES, Ky.--(BUSINESS WIRE)--July 29, 1998--American Resources of Delaware, Inc. (NASDAQ:GASS)(the "Company") announces that it has participated in drilling a successful exploratory well on Galveston Block 213. The Company acquired this Block from TECO Oil & Gas, Inc. ("TECO") in March of this year.
The Galveston Block 213 well commenced production on May 28, 1998 and is currently producing at a rate of approximately 13 million cubic feet of gas per day and 230 barrels of condensate per day. The Company owns a 33.3% working interest in the well. The addition of the Galveston Block 213 well brought the Company's net production rate as of the end of the second quarter to approximately 44 million cubic feet equivalent of gas per day.
President and C.E.O. Rick Avare commented, "As we indicated in our annual report, our primary goals are to increase reserves, production and cash flow through acquisition, exploration and development of oil and gas properties. The TECO acquisition satisfied all of these goals, and the successful well drilled on Galveston 213 is our first step toward fully exploring and developing these properties."
American Resources of Delaware, Inc. is an independent producer of oil and gas. The Company owns pipelines and production located primarily in the Gulf Coast Region.
For information, contact the Company's Investor Relations Department at 606/873-5455, or visit our website at www.arisgc.com.
CONTACT:
American Resources of Delaware, Versailles
Investor Relations Dept., 606/873-5455
KEYWORD: KENTUCKY
BW1451 JUL 29,1998
13:15 PACIFIC
16:15 EASTERN
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Congrats if you're still in this. It oughta come on strong tomorrow on this news. Always great to find gas (vs. oil) these days. |
