Compare and Conrast, with pre-drill of CWY and to PLM-cdnx( JV- IOAG:pinks ) So, is PLM's Ft Worth, Texas Area near CWY's Leon County Texas? I like the Geo Reports in Leon Co better.
Texas old and Texas New Drill::
Message 13799261
IOAG was 50 cents for 4 months THEN a buck-ish: Interesting they must have hit and doubled after spuding:
to -- IOAG
Company Initiates Drill Program in Hood County, Texas
Company Initiates Drill Program in Hood County, Texas
DALLAS, Mar 20, 2000 (BUSINESS WIRE) -- International Oil & Gas Inc.
(OTCBB:IOAG) announced today that the company has signed an agreement with
Rodessa Operating Company to earn a 50% leasehold interest and for Pallaum
Minerals Ltd. to earn a 12.82% leasehold interest in a 5,000-acre gas/oil
prospect in Hood County, Texas.
The prospect is located on the edge of the Lipann Gas Field, which is
approximately 30 miles southwest of Ft. Worth, Texas.
The prospect has three main target zones: a carboniferous age reef; a
deep-seated fracture feeder system; and a deeper subthrust of younger
carbonates.
The recently completed 3D seismic survey carried out by Michael Hanratty,
Geophysicist, has defined and interpreted reefal structures at near the Chappel
layer. The size of the reef has been estimated to be 1 mile by 1-1/2 miles.
About 40 miles away, the No. 3 Ora B Jones well was drilled into a reef by Ray
Ritchey in 1985, and it blew out at 12,460 BOPD plus gas and produced 700,000
barrels of oil and a billion cubic feet of gas in 90 days.
The initial 9,000-foot test well has been positioned to intercept the three main
target zones: the upper reef zone, the fracture zone, and the lower subthrust
zone. The turnkey dry hole cost of the well is US$335,000. The drilling which
will be managed by Rodessa Operating Company will commence on or before April
15, 2000.
The property is crossed by two under-utilized gas pipelines, and a producing
well could be connected very quickly. The estimated completion costs are
US$247,000. If hydrocarbons are found multiple wells could be drilled to exploit
the reserves.
Safe Harbor Act Notice: Certain matters discussed in this news release are
forward-looking statements, as it is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to a
number of known and unknown risks and uncertainties including, but not limited
to, business-to-business opportunities as well as availability of human and
financial resources; which may cause actual results to differ materially from
those expressed in any forward-looking statements made by or on behalf of
International Oil & Gas Inc.
For more information concerning International Oil and Gas Inc., please contact:
.."'
and CWY:
""..Commonwealth Purchase 50% Of New Gas Prospect in Texas;
Engineering Report States Reserves of 38 Billion Cubic Feet of Gas in Existing Well?
Commonwealth Energy Corp. ("Commonwealth" or "the Company") is pleased to announce it has acquired a 50% Working Interest in the BEDSOLE UNIT, a 700-acre Natural Gas horizon in Leon County, Texas. Trend Capital Corp., a privately owned Company owns the remaining 50% working interest.
Commonwealth and Trend Capital Corp. hired the engineering firm of William M. Cobb & Associates Inc., Worldwide Petroleum Consultants to do an Engineering and Economic study of the existing well bore on the property. The study completed on April 1, 2000 analyzed the Bossier Zone at a depth of 14,140 feet, the Cotton Valley Sand Zone at a depth of 12,738 feet, and the Travis Peak Zone at a depth of 9,370 feet. The results of the Engineering Study indicate Natural Gas Reserves in this one well to be 38.3 Billion Cubic feet of Gas with a net probable recovery of 16.32 Billion Cubic feet of Gas. This is the combined total of gas reserves in the three zones behind casing in the well based on a 160-acre spacing unit. In addition 3D Seismic as well as Electro-Seise Inc.'s airborne Gravity Seismic technology both indicate that there are two Pinnacle Reef potential drilling targets contained within the 700-acre Bedsole Unit. The Bedsole Unit lies on trend within 1.5 miles of two Reef discoveries. The Marshall A-1 discovery has to date produced 900 Billion Cubic feet of Gas and continues to produce 10 Million Cubic feet of Gas per Day. The Poth Wells Discovery has produced more than 60 Billion Cubic feet of Gas from 2 wells and they are currently producing more than 20 Million Cubic feet of Gas per Day.
.."..//.."
canada-stockwatch.com
ragingbull.com
(Pink Sheets: IOAG) (CDNX: PLM)
Price US: $0.68 (last trade) Price CND: $0.35 (last trade)
Date 10/05/2000
Significant Development
International Oil & Gas, Inc., Pallaum Minerals, Ltd., and Rodessa Operating Company have entered into a joint venture agreement to drill a 9,000 foot "wildcat" well in a 5,000 acre gas/oil prospect in Hood County, Texas. Under the agreement Rodessa (a private company) has a 39% net working interest, IOAG has 29% and PLM has 10%.
Drilling is scheduled to commence on April 30, 2000. This site was selected because of its proximity to highly productive fields and multiple targets, which exist at different levels down to 9,000 feet. Several shallow, producing fields surround the location, some of which have produced in excess of one million barrels of oil.
About the Companies
International Oil and Gas, Inc.
International Oil & Gas is a startup oil and gas exploration company focused on the development of new field discoveries within North America. The Hood County prospect is its first project.
The Company will continue to explore for undeveloped properties with major reserve potential and opportunities to participate in producing oil and gas propects.
Pallaum Minerals, Ltd.
Pallaum is expanding from its traditional mineral exploration activities into the oil and gas business. The classical exploration/production model will be adopted and the latest geophysical and drilling techniques utilized.
The Company intends to maximize shareholder value by developing low-risk oil and gas prospects and by substantially reducing corporate overheads.
Pallaum has launched a new oil and gas division to pursue oil and gas opportunities. The Company has acquired one property in Louisiana in addition to its interest in Texas. Pallaum Minerals is also in negotiations to participate in a US $5.0 million multi-prospect oil and gas exploration/development program with Apache Corporation as a participant and operator. Pallaum and Euro-Asian Capital Management Inc. will release the details of the transaction upon the completion of the negotiations.
The goal of the Company for the first year of the millennium is to drill five prospects where the Company holds approximately a 20% interest. The goal is to develop the properties to produce at an aggregate rate of 1,000 barrel oil equivalents per day by the end of the year 2000. Initially, the Company will select properties that are in a region of known oil and gas production with existing operating delivery systems. The goal is to develop an inventory of exploration and development properties. The inventory of properties would be drilled as the funds become available.
The Company is managed with a professional staff that has extensive experience in oil and gas exploration and development.
The Prospect
The prospect is located on the edge of the Lipann Gass Field, which is approximately 30 miles southwest of Ft. Worth, Texas.
The prospect has three main target zones: a carboniferous age reef; a deep-seated fracture feeder system; and a deeper subthrust of younger carbonates.
The recently completed 3-D seismic survey carried out by Michael Hanratty, Geophysicist, has defined and interpreted reefal structures at near the Chappel layer. The size of the reef has been estimated to be 1 mile by 1 1/2 miles. About 40 miles away, the No. 3 Ora B Jones well was drilled into a reef by Ray Richey & Co. in 1985, and blew out at 12,460 BOPD plus gas and produced 700,000 barrels of oil and a billion cubic feet of gas in 90 days.
The initial 9,000-foot test well has been positioned to intercept the three main target zones: the upper reef zone, the fracture zone, and the lower subthrust zone. The turnkey dry hole cost of the well is US$335,000. The drilling, which will be managed by Rodessa Operating Company, is planned to commence on April 30, 2000.
The property is crossed by two under-utilized gas pipelines, and a producing well could be connected very quickly. If hydrocarbons are found multiple wells could be drilled to exploit the reserves. The cost of drilling the first well has already been covered. Additional wells will require more funding.
Industry Overview
Recently, oil and gas stocks have performed well as oil prices have stabilized. The key is that world oil price uncertainty is lessening and average oil price assumptions are being raised.
Most analysts, including Stephen Calderwood of institutional brokerage Salman Partners in Calgory, had kept the assumption of US$19 in their valuation models until the recent OPEC deliberations because the oil market was too uncertain-even though world oil prices had surged past $30 at one point. Now, OPEC has indicated a price target close to $24. That, combined with the supply/demand situation, is suggesting that $24 is a realistic average for West Texas Intermediate (WTI) for 2000, even if there is a temporary dip below that.
And even that price is seen by Calderwood as "conservative." He notes the respected London-based Centre for Global Energy Studies, headed by former Saudi oil minister Shaikh Yamani, remains bullish on oil prices, calling for $28 WTI if OPEC doesn't follow the production increase with another one in the fall.
The spring historically sees soft gas prices, buy not this year, as US storage is 23% less than a year earlier and demand continues to be strong.
With stable oil/gas prices as a backdrop, smaller companies will again be able to justify drilling wildcat wells with the objective of finding a major reservoir.
Corporate Financials
International Oil & Gas Pallaum
Exchange and Symbol: (Pink Sheets: IOAG) Exchange and Symbol: (CDNX: PLM)
12G reports are filed with the SEC
Pallaum meets Blue Sky Laws
Outstanding Shares: 10.2 million Outstanding Shares: 17 million
Public Float: 1.35 million Public Float: 14 million
Market Capitalization: ~ $7 million Market Capitalization: ~ $7.6 million
Debt: 0 Debt: 0
52-Week High - Low: $0.70 - $0.45 52-Week High - Low: $0.54 - $0.08
Price US: $0.68 (last trade) Price CND: $0.42 (bid) - $0.45 (ask)
Industry: Oil & Gas Exploration Industry: Oil & Gas Exploration
Temporary Website: bbp.ca Website: pallaum.com
Press Releases
International Oil and Gas, Inc. (Pink Sheets: IOAG)
03/20/2000 Company Initiates Drill Program in Hood County, Texas
03/14/2000 International Oil & Gas Announces New Management Appointments
Pallaum Minerals, Ltd. (CDNX: PLM)
03/16/2000 CDN $250,200 Private Placement
03/16/2000 Pallaum Signs Agreement with International Oil & Gas
02/17/2000 Shares for Debt
02/03/2000 Negotiations to Participate in Oil and Gas Program
Corporate Offices/Management
International Oil and Gas, Inc. Pallaum Minerals, Ltd.
Suite 1400, 355 Burrard Street Head Office 1000 - 355 Burrard Street
Vancouver, British Columbia, V6C 2G8 Vancouver, British Columbia, V6C 2G8
Tel: (800) 263-1880 Tel: (604) 687-5257
Fax: (604) 681-9615 Fax: (604) 687-0384
Temporary Website: bbp.ca Website: pallaum.com
Michael Stewart, President, CEO Stanley R. Ford, President
Kevin Chennault, Operations Christopher A. Serin, Director
: drm86744
Reply To: None Tuesday, 30 May 2000 at 5:29 PM EDT
Post # of 8533
Important notes
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(Voluntary Disclosure: Position- No Position; ST Rating- Strong Sell; LT Rating- Strong Sell)
Conclusion
Both Companies (IOAG and Pallaum) are new to the oil and gas exploration business, however, management has numerous years of experience. They have selected and thoroughly researched a site for their first joint venture well that has multiple targets in an area in close proximity to proven production. Years of study have been conducted on the geology of this area and with the advent of new technologies for defining potential targets the venture partners feel that the odds of success are very favorable. "Wildcatting" is an extremely risky and speculative exploration technique. However, with high risk comes the potential for huge rewards if this well hits producible reserves. Production from this first well, if that occurs, will provide the Companies with capital to drill additional wells. The Companies do not have the capital at present to drill additional wells if the current prospect proves unsuccessful. Those individuals with an interest in high risk ventures with potentially high rewards should take a close look at these two Companies. Ultimately, the value of these two companies will depend on their ability to discover producible hydrocarbons.
..""
Chucka |
