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Gold/Mining/Energy : CURLEW LAKE RESOURCES (CWQ-VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (423)	8/24/1999 8:25:00 PM
From: Taff	Read Replies (1) \| Respond to of 701

I thought there was to be a JV press release ... guess not POE sent theirs today see below Pan Ocean signs participation agreement for Ekho project Pan Ocean Explorations Inc POE Shares issued 3,031,035 Aug 24 close $0.18 Tue 24 Aug 99 News Release Mr. Brent Jardine reports The company has executed a participation agreement and a joint operating agreement with Tri-Valley Oil and Gas. In order for Pan Ocean to earn its working interest in Tri-Valley's Ekho project, Pan Ocean is required to finance 5 per cent of the initial $9.5-million (U.S.) authority for expenditure. The AFE includes a $1-million (U.S.) contingency. The Ekho project is a deep oil and gas exploration project in the San Joaquin Valley, Kern County, Calif., east of the now famous Bellevue No. 1 well. It is expected that the first Ekho project well will be spudded in the third quarter of 1999. Tri-Valley will be the operator and will conduct all drilling and production operations on the Ekho project. Pursuant to the terms of the participation agreement, Tri-Valley will be carried for 12.5-per-cent interest through drilling and completion. After completion, Tri-Valley will pay its proportionate share of well costs. After the partners are paid back their drilling and completion costs from production, Tri-Valley will back in for an additional 12.5 per cent to bring its working interest to 25 per cent. The company must participate in the first well in the project to earn the right to participate in any further wells and must further participate in the first three wells in order to earn the right to participate on a heads-up basis in other wells drilled within an area of mutual interest. The Ekho project area is in the Southern San Joaquin Valley, Kern County, Calif., one of North America's richest and most historic petroleum basins. The valley district has produced 11.4 billion barrels of oil and 7.1 trillion cubic feet of gas from 22 giant fields and dozens of smaller fields since the early 1900s. Tri-Valley started leasing acreage in the project area in 1997 and has, to date, leased approximately 10,000 acres within the area of mutual interest. The Bellevue No. 1 blowout demonstrated that California's Great Central Valley has the potential to exploit even deeper reserves of oil and gas and the flow rates indicate that giant reserves of oil and gas are possible. The similarities that exists between the stratigraphy and structure of the Bellevue No. 1 and Ekho project area, coupled with the presence of oil and gas in the surrounding wells, indicate that the Ekho project has the potential for a discovery similar to Bellevue No. 1. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com