NEWS IS OUT!!!!
Wednesday August 12, 1:28 pm Eastern Time
Company Press Release
Nevtah Acquires 57 Wells
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Aug.
12, 1998--Nevtah Capital Management (''Nevtah'') (NASD
OTC:NTAH) announced that the Nevtah/Pamco joint venture has acquired a 500+ acre stripper
well lease in Corsicana, Texas.
The lease currently has 53 stripper oil wells and 4 gas wells producing from 3 zones. In addition,
250 new wells can be drilled on the property. The purchase price includes a drilling rig, all drilling
equipment, a work over rig, water truck, tanks, pump jacks and various other equipment.
The company plans to immediately start installing its proprietary stripper well technology on the
existing 57 wells and is also developing a program to start drilling the 250 new wells. This lease will
provide the company with substantial cash flow once it is fully developed.
On behalf of the Board of Directors,
Per: Daniel P. Kesonen - President
Contact:
Investor Relations, 888/689-7706
or
Nevtah Capital Management, 561/626-9901
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Nevtah Capital Management Corp (OTC BB:NTAH - news)
Related News Categories: oil/energy
Chuck |
