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Gold/Mining/Energy : Solana Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (73)	9/30/1999 8:48:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 1747

*NEWS RELEASE* Vital Pacific joins Solana California Gas Exploration Syndicate Solana Petroleum Corp SOP Shares issued 16,546,964 Sep 30 close $0.57 Thu 30 Sept 99 News Release See Vital Pacific Resources Ltd (VPR) News Release Mr. Daniel Kostiuk reports Vital Pacific Resources has joined the Solana California Gas Exploration Syndicate. The syndicate is led by Solana Petroleum California LLC (Solana), a subsidiary of Solana Petroleum Corp. of Calgary, and is made up of independent resource and other companies. The syndicate is being formed to acquire, explore and develop oil and gas prospects in the San Joaquin and Sacramento Basin of California and possibly elsewhere. Solana will be manager of the syndicate. Through the syndicate, Vital Pacific has purchased a 6.25-per-cent working interest in a 40-acre tract held by ABA Energy Corporation of Bakersfield, Calif., on the Cal Canal anticline in the San Joaquin Basin of Kern County, Calif. By drilling an exploratory well to a specified depth within the miocene Temblor formation below 14,500 feet, and establishing paying production therefrom, the syndicate can earn a 100-per-cent working interest and a 78.5-per-cent revenue interest before payout; and a 77.5-per-cent working interest and 62-per-cent revenue interest after payout. ABA will be operator and will retain the option to take a 5-per-cent working interest in the tract prior to any drilling. According to a report by an independent geologist/geophysicist, the ABA/Solana tract is thought to be located totally within the Cal Canal anticline's structural closure, approximately 1,500 feet from Berkley Petroleum Corp.'s Cal Canal No. 1 exploratory well. Cal Canal No. 1 is reportedly drilling at a depth of approximately 14,000 feet, near the top of the miocene Temblor formation. The Temblor formation, which is estimated to be at least 4,000 feet thick and contain multiple, thick, stacked reservoir sands at Cal Canal, is productive at the giant Elk Hills field to the southeast at about 10,000 feet and at Lost Hills, where Berkley has encountered gas and condensate at 17,650 feet. Through 1997, the Temblor formation, although lightly explored, had produced a total of 115 million barrels of oil, principally from the McKittrick, Cymric and North Belridge fields. The five main oil fields comprising the southern San Joaquin Basin have produced a total of 1.2 billion barrels from all formations during the same period. At Cal Canal, the Temblor is thought to be gas-bearing, with additional potential for retrograde condensate and light oil reservoirs in multiple horizons. The long-range objective of the syndicate is to acquire and develop prospective oil and gas properties with a focus on both the Sacramento and San Joaquin basins of California, especially in Sacramento, where no deep tests have been drilled despite numerous prospects. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com