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

To: Taff who wrote (428)	12/1/1999 10:13:00 AM
From: Taff	Respond to of 1747

ALL - Can anyone explain the relationsship here to BKP and WML and NEC/SOP, I can't. I recieved 2 e-mails one from BKP and the other from WML see below Taff New Energy completes San Joaquin acquisition Berkley Petroleum Corp BKP Shares issued 96,431,302 Nov 30 close $11.10 Wed 1 Dec 99 News Release See New Energy West Corp (NEC) News Release Mr. Matthew Heysel reports New Energy West has completed its previously announced arm's-length acquisition of all of the issued and outstanding securities of Monterey Resources Inc. for $300,000. The purchase price was paid by the issuance of three million common shares of New Energy and three million share purchase warrants of New Energy. Each warrant entitles the holder to acquire one common share of New Energy at a price of 10 cents per share until Nov. 26, 2000. Monterey is a private company incorporated under the laws of Alberta that owns a 12.5-per-cent working interest in the Solana, Calif., gas exploration syndicate made up of independent resource and other companies. The syndicate is managed by Solana Petroleum California LLC, a subsidiary of Solana Petroleum Corp. of Calgary, Alta. The syndicate was formed to acquire, explore and develop oil and gas prospects in the San Joaquin and Sacramento basins of California and possibly elsewhere. Through the syndicate, Monterey has purchased the right to earn 12.5-per-cent participation in respect of the leasehold held by ABA Energy Corporation of Bakersfield, Calif., on the Cal Canal Anticline in Kern County in the San Joaquin Valley of California. By drilling an exploratory well (deep test exploratory well) to a specified depth within the Miocene Temblor Formation, 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, in the leasehold to the depth drilled. ABA will be the operator and retains the option to take a 5-per-cent working interest prior to commencement of drilling. Westminster Resources Ltd., a participant in the Cal Canal No. 1 well, as reported in Stockwatch on Nov. 30, 1999, the well was drilling in the Temblor Formation at approximately 17,800 feet, after encountering 880 feet of gross Temblor section and 660 feet of net sand. The operator, Berkley Petroleum had previously announced that significant gas shows have been encountered thus far in the well. In the event the Cal Canal No. 1 well is a commercially viable well, the syndicate intends to proceed to drill the deep test exploratory well. 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. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com