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Gold/Mining/Energy : Westfort Energy Ltd. (WT-T) -- Ignore unavailable to you. Want to Upgrade?

To: John who wrote (1283)	7/24/2000 5:15:13 PM
From: C	Respond to of 1288

Westfort enters into agreement with Patterson Petroleum, L.P. MISSISSIPPI, July 24 /CNW/ - Following many months of detailed examination of the properties and negotiations, Whitney Pansano, President of Westfort Energy Ltd., is pleased to announce that Westfort Energy Ltd, symbol WT on the Toronto Stock Exchange, has entered into an agreement with Patterson Petroleum, L.P., a wholly-owned subsidiary of Patterson Energy, Inc. (NASDAQ:PTEN) to provide contract operating and drilling services, and to jointly exploit certain oil and gas mineral leases in Pelahatchie Field, Rankin County, Mississippi. Under terms of the agreement, Patterson shall undertake to drill a well to 17,250 ft or to whatever lesser depth is sufficient to test the Norphlet Formation of Jurassic Age, and to complete and operate the same. Patterson has agreed to drill and complete the well ``to the tanks'' with costs estimated at $4,000,000 U.S. in return for a combination of cash and 3,000,000 common shares of stock. Additionally, Patterson will acquire a 1/3 interest in certain Westfort owned rights to oil and gas and mineral leases over a 640 acre area, excluding the Norphlet formation, and enter into a joint operating agreement with the company to exploit the same. Patterson Energy Inc. is currently the second largest provider of domestic land based drilling services to major independent oil and natural gas companies. With experienced, competent drilling and completion personnel on staff, their expertise brings an enormous level of confidence to this project. It is expected that this well will be the first of a series of developmental wells in the prolific Norphlet formation. The contract provides for the mutual agreement of both parties on specific contractual obligations. Further the agreement is subject to regulatory approval. The Toronto Stock Exchange has neither approved nor disapproved of this release!