NEWS OUT ON LAKO! Watch us move now!
ATLANTA--(BUSINESS WIRE)--May 24, 1999--Lakota Energy Inc. (OTC BB:LAKO), headquartered in Atlanta, announces the drilling of its gas well in the South Halter Island Prospect, located in St. Mary's and Terrebonne Parishes, Louisiana, on or about June 15, 1999, based on rig availability.
Should the drilling and completion be successful, this well would be a major producer capable of extraordinary rates of production of between 5-20 million cubic feet of gas per day. This 12,000 ft. well is expected to test 10 payzones and has potential reserves of over 47 billion cubic feet of gas.
Based on the economics provided by the majority partner, Tribow 2, LLC, should these reserves be encountered, Lakota Energy Inc.'s share of production revenue would be substantial and may net over $6 million over the life of the well, based on current gas prices. The figures are based on geophysical models performed on analogous wells in the same area.
Ken Honeyman, president of Lakota Energy Inc., stated, "We are extremely excited to start the drilling and prove up what could be a significant producer with considerable reserves that will add shareholder value and tremendous cash flow to Lakota Energy."
In addition, Lakota Energy Inc. and 2-Infinity.com are in the final stages of consummating the acquisition as previously announced on May 12, 1999.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the company's products, competition, completion problems, technological changes and other risks.
CONTACT:
PMR and Associates, IR
Patrick M. Rost, 760/942-0015
760/942-1581 (fax)
PMRandco@aol.com
OR
Lakota Energy Inc.
Ken Honeyman, 770/433-8250
LAKO@bellsouth.net
KEYWORD: GEORGIA LOUISIANA
BW0316 MAY 24,1999
10:58 PACIFIC |
