PROPERTY ACQUISITIONS / Sawtooth buys Redwater production
Sawtooth Acquires Operators Interest at Redwater
CALGARY, Nov. 4 /CNW/ - Sawtooth International Resources Inc. has
purchased an additional 60 BOPD of light Crude production at Redwater
effective September 1, 1998.
The Company will use its current line of credit with the Alberta Treasury
Branches to finance this $900,000 property acquisition.
Sawtooth will now hold a 100 percent working interest in 100 BOPD of oil
production from 4 producing wells complete with associated battery and
disposal facilities. Total Company production, with this acquisition will
increase to 225 BOED. This purchase has added 180,000 BOE of proved producing
reserves to the Company. Total land holdings in the area will increase to
7,500 net acres.
Sawtooth will take over as operator at Redwater, pending regulatory
approval on November 1, 1998. The Company is undertaking immediate plans to
bring on stream additional production through drilling, re-completions,
tie-ins and the testing of 3 shut-in gas wells.
Redwater, along with Spirit River and Lessard, are the primary areas of
focus for the Company. Sawtooth continues to gain strength, momentum and
additional profitability with key acquisitions in these core areas.
''The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein''
Sawtooth International Resources Inc. is an emerging junior oil and gas
exploration and production company with its reserve and production base in
Western Canada. Sawtooth International Resources Inc. trades on the Alberta
Stock Exchange under the symbol ''SAW''
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For further information: Gary Waters, President, Terry Morey,
Vice-President Land (403) 263-5800, Fax: (403) 234-7597, Email:
sawtooth@cadvision.com
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