Wednesday October 14, 9:00 am Eastern Time
Company Press Release
Nevtah Update -- New Lease
Acquired/ International Patents Filed
PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Oct. 14, 1998-- Nevtah Capital
Management (''Nevtah'') (NASD OTC:NTAH) announced that the Nevtah/Pamco joint venture
has acquired a second lease of 200 acres in Corsicana, Texas, containing 12 existing wells.
This acquisition gives the joint venture a total of 800 acres in Corsicana, Texas with 69 wells drilled
and an additional potential of 300 wells that can be drilled to a depth of 1,000-1,200 feet.
The company's operating strategy is to acquire sufficient acreage with existing wells in a common
geographic area to minimize operating costs. A three man operating crew can manage at least 200
wells utilizing the patented Pamco stripper well system compared to the same crew managing only
70 pump jack systems. These savings combined with minimal maintenance and operating costs and
increased productivity for the Pamco system will make the Corsicana leases very profitable even
with oil prices at their current levels or lower.
The new lease also has two additional deeper zones, which can be drilled at a later date. Two shut
in wells on this lease produced an average of 150 BOD at a depth of 3,100 feet until they were shut
in. The company plans to explore this opportunity next year.
The joint venture has installed seven Pamco systems on the first lease and are currently installing an
additional eight systems. The installed systems are working very efficiently and producing 1 1/2 to 2
BOD per well.
Pamco has filed five new international patents, which incorporate enhancements to the original
patent. Three additional patents will be filed early next year covering new developments in the
control and operation of the pumping system.
The joint venture also plans to have its first stripper gas well pumping system installed and
operational by the end of October.
For further information on Nevtah, please contact the company's web site at www.nevtah.com. The
Baker Report, which analyzes the Nevtah/Pamco joint venture, is available on this web site address.
Contact:
Nevtah Capital Management, Palm Beach Gardens
Daniel Kesonen, Investor Relations
561/626-9901 |
