Benz logs Mississippi well
Benz Energy Ltd BZG
Shares issued 34,130,683
1999-01-25 close $0.64
Tuesday Jan 26 1999
Prentis Tomlinson reports
Benz Energy logged and is completing its Howell Petroleum 32-4 No. 1 development well in the Oakvale Dome field in Jefferson Davis County, Mississippi discovered in 1997. The company owns a 55.6 per cent working interest in the well and an average 64 per cent working interest in the field. The Howell No. 1 well logged 247 net feet of indicated gas pay in four zones in the Hosston formation between 15,200 feet and 15,900 feet. The company anticipates commingling for production the three zones not completed in the K. S. Byrd 31-1 No. 1, discovery well for the field. This well was completed in September 1997 in 26 net feet of pay in the Harper zone of the Hosston formation and is currently producing at an average rate of 10.6 million cubic feet of gas equivalent per day. The company is continuing to drill a second development well at Oakvale Dome, the Fortenberry No. 1, in a sidetrack hole below 11,500 feet. This well encountered mechanical difficulties after reaching 15,616 feet with mud log shows in multiple intervals above the Hosston Formation. Benz anticipates the Fortenberry well will reach its total depth of 16,200 feet in early March.
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WE GOT IT MAN!!! This is a MONSTER. Nine times the net pay of the first well and that well's doing 10 mmcf a day!
Not sure why there was so much selling in anticipation of this great news. Interestingly they waited until the market closed to put this blockbuster news out. By all rights the stock should really power up tomorrow, up to the $.70's.
At least now we're gettin' some action. For the trading picture, what will be key in the coming weeks is not really price movement, but VOLUME. The only way we're gonna get the big boys interested in this turkey is trading liquidity. |
