GTII Acquires New Oil & Gas Interests in Australia
SUGAR LAND, Texas--(BUSINESS WIRE)--Feb. 8, 1999--Golden Triangle Industries Inc. (Nasdaq:GTII - news) of Sugar Land, Texas, announces that the Company has been successful in acquiring 20% interest in six new concessions surrounding and in the immediate Cooper Eromanga Basin, one of the most prolific oil and gas producing areas in Australia. The six new concessions cover approximately 4,397,000 gross acres. Santos, as well as other major oil and gas companies, are very active in and around the Cooper Eromanga Basin.
The Cooper Basin is located 800 km north of Adelaide in a remote, sparsely populated desert environment. The Cooper region has been under license continuously since 1954 and is currently held by Santos and partners. Since 1954, Santos and joint venture partners have drilled over 1,200 exploration, appraisal and development wells. As of Sept. 30, 1997, 85 gas fields with a total of 354 gas wells were on line and a combined total of 190 PJ (150 Bcf) of sales gas was sold in that year to market SA NSW. As of Nov. 30, 1997, 28 oil fields with a total of 118 oil wells were on line and approximately 0.6 million kL (3.8 mmbbl) of crude oil, 0.4 million kL (2.5 mmbbl) of condensate and 0.3 million tonnes of LPG were sold.
Contact:
Golden Triangle Industries Inc., Sugar Land
Glenn Gagnon, 281/565-7300
www.goldtri.com
biz.yahoo.com
Regards, Jeff |
