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Gold/Mining/Energy : OEL.V Osprey Energy Limited -- Ignore unavailable to you. Want to Upgrade?

To: mappingworld who wrote (387)	8/18/2000 9:48:05 AM
From: The Osprey	Read Replies (1) \| Respond to of 1134

I will go get it and post it Olga.Be right back.OK Here it is and this is only one property(Bayou Choctau)This could be a real nice play here to-day once people realize what it means.I will do an analysis based on cash flows from this release later. Osprey Energy Ltd - News Release Osprey to acquire interest in 360 Louisiana acres Osprey Energy Ltd OEL Shares issued 5,334,288 2000-08-17 close $1.39 Friday Aug 18 2000 News Release Mr. R. Gary Malone reports Osprey Energy has agreed to acquire an additional 45-per-cent working interest in 360 acres in the Bayou Choctaw field in Louisiana. The company received approval by the Canadian Venture Exchange to acquire a 15-per-cent working interest, with a right of first refusal for 30 per cent. After reviewing the well logs and 3-D seismic with the company's U.S. consultants, Osprey increased its interest to a full 60 per cent. The company will pay $300,000 (U.S.) for the interest, which is being spent to complete remedial work on the property. The first phase, involving testing and repairing or replacing equipment and pipelines, is currently under way. It has resulted in three wells being reworked and producing in excess of 100 barrels of oil per day. The company expects this production to increase as facilities and pipelines are repaired and the wells tied in. Eight additional wells are scheduled to be brought on production before the end of the year and are projected to produce in excess of 75 barrels of oil per day each. The company will receive 100 per cent of the net revenue from the property until payout. Both the Livingston field in southern Louisiana and the Jenner property in central Alberta are in production and producing positive cash flow. The data are being tabulated and results will be released once the joint venture statements are received from the operators. The northern Louisiana property is awaiting final approval from the CDNX, at which time particulars of the property will be released. The company is continuing to pursue opportunities in the oil and gas marketplace to enhance shareholder value by increasing cash flow and building reserves.