Power Exploration Acquires Data and Working Interest in East Texas
FORT WORTH, Texas, Feb. 2 /PRNewswire/ -- Power Exploration, Inc.
(OTC Bulletin Board: PWRX) announces today that it purchased 430 square miles
of 3D seismic and a working interest in 140,000 acres in east Texas.
Guy Pyron, Chief Executive Officer of Power, announced that the data and
working interest rights were purchased from MB Exploration, Inc. of Dallas,
Texas.
Mr. Pyron states, "This is an excellent acquisition for Power and allows
us to significantly increase the Company's presence in east Texas, and in
particular, its ability to explore for commercial natural gas production. The
data acquisition alone is a small coup for the Company as 3D seismic costs run
approximately $50,000 per square mile. The true value of data is therefore
over $20 million. This coupled with the working interest rights will
significantly increase shareholder value."
In addition to the acquisition of the data and working interest rights,
Power Exploration, Inc. becomes a participant in a well that is located in its
working interest acreage. The well, currently being drilled by Sonat
Exploration, Inc. (NYSE: SNT), is expected to predominantly produce gas and
liquid condensate. Mr. Pyron also indicated that favorable results from the
"Sarah Parker #1" drilling (the current Sonat well) will support the Company's
belief that there are several major gas fields contained within its newly
acquired acreage position.
Prior discoveries in this recently acquired area yielded between 5 to
25 billion cubic feet of natural gas at drilling depths below 10,000 feet.
Power Exploration, Inc. currently has plans to drill a minimum of 10 wells for
this current calendar year.
Power Exploration, Inc. is an oil and gas exploration company that has
conducted extensive exploration in east Texas. In addition to exploration and
development of new properties, Power redevelops currently producing oil
fields, and researches and develops exploration and recovery technologies,
including the manufacture of new, cutting-edge oil recovery equipment.
Together with its cost-cutting exploratory research capabilities, and the
Company's ability to expeditiously identify potential prospects, Power
Exploration, Inc. positions itself for a successful advantage over
competitors.
Power Exploration, Inc. is a developmental stage global resource company
with holdings in Texas and Australia.
This news release includes forward-looking statements that involve risks
and uncertainties. The forward-looking statements in this release are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially due to a variety of
factors, including without limitation the company's ability to produce and
market products an/or services and other risks detailed from time to time in
the company's reports filed with the Securities and Exchange Commission.
SOURCE Power Exploration, Inc.
CO: Power Exploration, Inc.; MB Exploration, Inc.; Sonat Exploration, Inc.;
Sonat, Inc.
ST: Texas, Alabama
IN: OIL
SU: TNM
02/01/99 09:30 EST prnewswire.com |
