Subsidiary drills new oil well in southern Illinois; director resigns
BPI Industries Inc BPR
Shares issued 12,261,614 Oct 27 close $1.35
Wed 28 Oct 98 News Release
Mr. Curtis Huber reports
The company's wholly owned subsidiary, Tega Petroleum, has successfully
drilled a new oil well known as the Wathan No. 1, on its oil and gas
holdings in southern Illinois. The well was drilled to a total depth of
4,768 feet, intersected four main zones totalling 50 feet of break and had
several good oil and gas shows. Final completion is under way and
production estimates are expected next week. Tega holds a 75 per cent
working interest in the well.
The well was drilled as part of a continuing program commenced in June 1998
to increase oil production and revenue from BPI's operations in southern
Illinois. The program was implemented under the direction of Curtis Huber,
who has been given responsibility for pursuing new oil and gas
opportunities for BPI.
The program has two major elements: (1) the reworking of existing Tega
wells, and (2) the acquisition and exploration of additional prospects. To
date, five existing wells have been reworked to increase production and
Tega has targeted an additional five wells for workovers. Tega has also
acquired approximately 1,000 additional acres in southern Illinois,
including several leases in the direct vicinity of the Watham No. 1 well,
and is evaluating and prioritizing new drill targets on these leases. The
Wathan No. 1 is the first new exploration well drilled by Tega in 1998.
As a consequence of undertaking the Illinois program, BPI has determined
not to proceed with the sale of the 50 per cent interest in the Clark No.
1A well and has withdrawn from the Excel Energy acquisition.
Of general note, BPI advises that neither Dan Patience nor Noble House
Investments is providing investor relation services to BPI at this time. In
addition, BPI has cancelled the 220,000 unit private placement announced in
March 1998, and has accepted the resignation of Kenneth Bottoms from its
board of directors so that he can pursue other opportunities.
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