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Gold/Mining/Energy : Shamrock Resoures Inc. shj.v -- Ignore unavailable to you. Want to Upgrade?

To: stubbs who wrote (18)	9/21/1999 7:44:00 PM
From: bcjt	Read Replies (1) \| Respond to of 34

Shamrock to acquire 20% interest in Lost Hills Temblor prospect Shamrock Resources Inc SHJ Shares issued 11,061,200 Sep 21 close $0.48 Tue 21 Sept 99 News Release Mr. Robert Brady reports Further to the company's news in Stockwatch Aug. 4, 1999, Shamrock Resources has recently agreed with Albatross Oil & Gas Company Inc. to acquire a working interest in an additional high-potential oil and gas prospect in California to supplement its long-standing involvement in the Forum/East Crenshaw prospect in Los Angeles and its Oro Fino prospect in the Salinas basin of California. Shamrock is acquiring a 20-per-cent interest in the medium-depth Lost Hills Temblor prospect, in the San Joaquin basin of California, for $275,000 (U.S.) plus a pro rata share of drilling costs. The Lost Hills prospect is approximately two miles to the west of the Berkley Petroleum group's Bellevue No. 1 well, which blew out last November, and is currently undergoing completion operations following redrilling of the bottom portion of the hole. Additionally, the second well, planned by the Berkley group for the immediate area (Berkley East Lost Hills No. 1), is approximately one mile from the company's acreage. The Miocene Temblor sands on the Lost Hills prospect are situated in the hanging wall anticlinal structure which is part of the Lost Hills oil field, at a shallow depth of approximately 4,000 feet, with an anticipated sand section of over 300 feet. Additionally, several additional deeper pay zones (down to approximately 8,000 feet) appear highly prospective at Lost Hills, including the Belridge No. 64 and Point of Rocks sands, with estimated thickness of approximately 400 feet and 600 feet, respectively. The well planned for the prospect should encounter the Temblor and Belridge No. 64 sands at a position 800 feet up-dip from the Williamson No. 1 well, which encountered numerous oil and gas shows in both intervals. It is anticipated that this well will be commenced in the next few months. Shamrock is paying 25 per cent of the cost of the initial three wells on the prospect, and will receive 25 per cent of revenue until recovery of 130 per cent of earning costs, and 20 per cent of revenues thereafter. At Oro Fino, the company, together with Albatross and the California-based operator, has recently released the drilling rig from an attempted redrill and completion of the Konecamp No. 1 to 3 RD No. 3 well. Unfortunately, because of downhole mechanical problems, the group was unable to successfully deviate the well bore and test the prospective Miocene Vaqueros sand, situated at a depth of approximately 5,300 feet. Information gained from this operation has, however, resulted in significantly improved geological understanding and encouragement towards the planned drilling of a new well on the prospect at an up-dip location. Shamrock has earned its 20-per-cent working interest on this prospect, together with a 5,000-acre lease block containing two additional defined prospects similar in nature. The next well, which is within the same anticlinal fault block as Konecamp No. 1, covering approximately 500 acres and immediately up-dip from significant oil shows in the cores of a well drilled by Shell Oil Company in the 1930s. Is is expected to spud in the near future. The target for the new well is a 200-foot sand, which, if successful, would add significant oil and gas reserves to the company's portfolio. At the Forum prospect, Los Angeles, work on the required environmental studies is proceeding satisfactorily. The initial study has been submitted and accepted by the planning department of the City of Inglewood, and we will now be proceeding towards public workshops and hearings regarding the formal environmental impact report, preparatory to receiving formal approval of the project, hopefully sometime early in the Year 2000. Further to the company's news in Stockwatch July 26, 1999, Shamrock is awaiting final Vancouver Stock Exchange approval for the issuance of 5.4 million special warrants at 25 cents per special warrant for proceeds of $1.35-million. These proceeds are to be used to complete the costs of its interest in the Oro Fino and Lost Hills projects and for costs of the Forum prospect. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com bcjt