NAMX -- North American Expl.-- Que Sera Sera! Message Board

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Microcap & Penny Stocks : NAMX -- North American Expl.-- Que Sera Sera!

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Mar 7 3:00 PM EST

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To: Sidney Reilly who wrote (4487)	11/5/1998 8:19:00 AM
From: bob	Read Replies (1) of 4736

Not gone, Bob. Just have to do a little searching. Here is one for ya. NAMX reports gas field in Western Nebraska lease Jan. 16, 1998 North American Exploration Corp.(NAMX) has announced a gas field in the Niobrara Chalk and the D Sands formation reservoirs on its exclusive 25,000- acre lease in western Nebraska. Proven and probable natural gas reserves were estimated by the company's reservoir engineers at more than 58.50 bn cf of natural gas. As further drilling is done the estimates of proven and probable reserves may be revised. The company has completed three wells and is in the process of completing the six wells that it drilled in December 1997. NAMX has located 14 additional well sites on the structure and will commence drilling in February 1998. An additional 23 drill sites are being considered on the structure for drilling later this year. The value of the field was estimated at $ 129,870,000 by Geophysik, GmbH exploration director Dr. Erhard Kohler using the January NTMEX price of $ 2.22 per MMBTU. As these reservoirs represent approximately 10 % of the exclusive lease NAMX said that the lease could yield more than $ 200 million over the next 7 to 10 years. The natural gas is being sold to KN Energy under contract for the life of the field. Production began in early January 1998.

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