Received this from Stockwatch on monday:
Great little company, no hype
"Carpatsky receives test results from well No. 109
CarpatskyPetroleumInc KPY
Shares issued 40,796,246 Feb 19 close $0.05
Mon 1 Mar 99 News Release
Mr. Les Texas reports
Carpatsky Petroleum Inc. has received test results from well No. 109, which
will be the company's second producing well in the Rudovsko
Chervonozavodskoye field in Ukraine. It is anticipated that this well will
be placed on production in early March 1999. The first well, No. 106, has
been on production since August 1998 at a rate of seven million cubic feet
of natural gas and 56 barrels of condensate per day. Well No. 109 is
expected to produce at similar rates.
Summary of test results of well No. 109 are:
Flowing Daily
Choke Tubing Flow Rates
Size Pressure (calculated)
(mm) psi mmcf
6 3,190 4.38
8 2,813 6.75
10 2,436 9.44
12 1,914 10.25
Poltavanaftogaz, a local subsidiary of OAO Ukrnafta and the company's
partner in the RC field, is currently running casing in two additional
wells, No. 111 and No. 104. A fifth well, No. 102, the deepest jointly
drilled well in the field, is scheduled to be perforated in mid-March,
weather permitting. A sixth development well, No. 100K, is drilling at
13,222 feet to a targeted depth of 18,000 feet.
Carpatsky has also reached agreement with holders of its Series 1
debentures and the institutional lender under its convertible loan
agreement, as amended, to exchange the indebtedness of both groups,
including principal and interest, for shares of common stock and warrants
of the company. Approximately $2.4-million (U.S.) of indebtedness will be
exchanged for 19,025,344 shares of common stock and warrants to acquire
approximately four million shares of common stock at 20 U.S. cents per
share to Dec. 31, 2000. The agreements are conditional upon stockholder and
regulatory approval.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com" |
