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Microcap & Penny Stocks : The New Osprey Energy Limited -- Ignore unavailable to you. Want to Upgrade?

To: The Osprey who wrote (154)	5/15/2000 4:41:00 PM
From: The Osprey	Respond to of 183

OSPREY ENERGY LTD. Canadian Quotes from Telenium OEL, (CDNX) Attention Business Editors: Osprey Energy Ltd. www.ospreyenergy.com BRIDGEWATER, NS, May 15 /CNW/ - Osprey Energy Ltd. (the "Company") wishes to announce that its drilling program in Alberta, with a major industry partner, has been expanded to 12 wells. The initial 5 Well program, increased to 10 Wells earlier this year, is now expanded to 12 Wells. Eight of these Wells are horizontal and expected to produce approximately 175-200 BOPD per Well. Seven of the Wells are presently in the process of being tied-in. All the Wells are scheduled to be completed and tied-in by the middle of August. The Company has a 5% net interest in these Wells. The Company's Livingston Field, (30% Working Interest) located in Louisiana, is presently producing in excess of 160 BOPD. Previously planned engineering work on the Weyerhaeuser Well is scheduled to commence in June and expected to more than double the current production. Engineering work on the Bayou Choctaw field, Louisiana, has commenced, as scheduled. The Company expects that four oil and gas Wells in Phase 1 will be re- worked and tied-in by the end of June. The Company is awaiting approval from the CDNX for the purchase of a 15% Working Interest in this field, with a right of first refusal for an additional 30%. The Company also wishes to announce that it has decreased the amount of the private placement announced on March 30th to $850,000. The placement consists of units at $1.00, comprising of one common share and 1/2 share purchase warrant. Each full share purchase warrant is exercisable for 12 months at $1.25. This money, plus the $1,500,000 Convertible Debenture ($1.00 per share) brings the total raised by the Company over the past 2 months to $2,350,000. These funds allow the Company to continue to build its reserve base by acquiring oil and gas properties with proven reserves, existing cash flow and developmental potential. ON BEHALF OF THE BOARD OF DIRECTORS OF OSPREY ENERGY LTD. "R. Gary Malone" President "This release was prepared by management who take full responsibility for its contents. The Canadian Venture Exchange neither approves nor disapproves of this news release". -30- For further information: Gary Malone, President, Osprey Energy Ltd., Tel: (902) 543-5666; Fax (902) 527-1354, E-mail: ospreyenergy@ns.sympatico.ca, www.ospreyenergy.com OSPREY ENERGY LTD. has 14 releases in this database. --------------------------------------------------------------------------------