MERGERS & ACQUISITIONS / Bakrie Minarak
BAKRIE MINARAK ENERGY INC.
CALGARY, Oct. 1 /CNW/ - Bakrie Minarak Energy Inc. (ASE:BAK.A) announces
that it has completed the acquisition of 100% of the shares of both a UK and a
French company from Midwest Energy Companies Inc. of Tulsa, Oklahoma in return
for 8,759,000 common shares of the Company.
The UK company owns a 75% working interest in a 58,320 acre exploration
license located onshore in the Weald oil basin of southeastern England. The
primary producing reservoir in the basin is the Great Oolite Formation, which
produces oil from the Humbly Grove, Stockbridge and Storrington Fields, all of
which are in the immediate vicinity of the exploration license. The
Storrington oil pool (presently being developed by another company) is located
in the center of the license. As part of the license commitment, Midwest
carried out a seismic program during the summer of 1996 through a farm-out
agreement. Interpretation of the seismic data has identified seven structures
on the license. The first drilling location is expected to be chosen before
year-end.
The French company has interests in the Paris and the Aquitaine Basins.
In the Paris Basin, the Company will hold a 25% working interest in 65,455
acres in the Courgivaux license. This license, with both oil and gas
potential directly offsets the large producing Villerperdue Field to the
north. The Operator, Coparex, is currently finalizing two year's of seismic
work in the area.
In the Aquitaine Basin of southwestern France, the company will hold a
100% working interest in 207,000 highly prospective acres in the Larcis-Antin
permit immediately adjacent to the large reserves of oil and natural gas
currently being producing by Elf Aquitaine.
These interests, combined with the Company's 50% interest in the 700,000
acre Block R2 in the East Shabwa region of Yemen, provides additional
dimension to a portfolio of high potential exploration properties each of
which has been selected to maximize shareholder value.
The first well on Block R2 in Yemen will spud within a week. It will
test a large structure identified by the recent seismic program conducted by
the Company.
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein
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For further information: Robert G. Welty, President, (403) 216-5130,
Fax: (403) 216-5135
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