June 1, 1999
Westfort Closes Pickens Field Purchase
JACKSON, June 1 /CNW/ - Whitney Pansano, President Of Westfort Energy Ltd. symbol WT on the Toronto Stock Exchange, announced today that the company has finalized the closing of its purchase of Pickens Field.
Under terms of its agreement with the shareholders of Segah Petroleum Corporation, Westfort acquired 100% of the outstanding capital stock of Segah for 3,673,565 restricted shares of Westfort Energy common stock. Segah is now a wholly owned subsidiary of Westfort.
With the purchase of Segah, Westfort now owns an undivided 70% working interest, together with the operating rights, in and to 3590 acres, more or less, of oil and leasehold rights to the Upper and Lower Cretaceous Formations (from the surface to approximately 7000 ft.) in Pickens Field, located in Yazoo and Madison counties, Mississippi. Engineering and geological studies of Pickens Field, indicate that approximately 15,000,000 barrels of oil may be recovered in the field by using a combination of conventional drilling techniques and enhanced oil recovery methods.
The company is scheduling remedial work designed to restore production in some of the existing wells in the field to start in the next few weeks. The company intends to use its own rigs and personnel for such purposes.
The Toronto Stock Exchange has neither approved nor disapproved of this release!
On behalf of the company, Whitney Pansano President
For further information: Grant Young, (604) 687-9887 or Jean Williams, Executive Vice-President at (601) 933-0890
This Report Updated by Canstock at 12:12:48 Pacific Time
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