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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (72370)	9/5/2000 10:38:27 PM
From: The Fix	Respond to of 95453

Some very interesting Bedtime reading. slb.com fIXER

To: BigBull who wrote (72370)	9/5/2000 11:00:45 PM
From: Jamey	Respond to of 95453

Petrolex(PXV)Toronto exchange, operator of Rubiales field, is said by Petrobas to be the largest field in Columbia is striking deals and has test wells set up and ready to go. All for US $0.13 a share at present. (clip) "On May 10, 2000, the Company signed final agreements with International Technical Solutions Inc. of Houston, Texas ("ITS") whereby ITS, on its sole risk, cost and expense, but under the Company's operatorship, would reactivate the Rubiales Oilfield in Colombia within 90 days in exchange for a 9% participation in the field. ITS agreed to pay Petrolex under a deferred payment program US$ 275,000 for each 1% interest for up to a further 11% interest in the field, but only out of production revenues. After completion of this transaction, which is contingent on receipt of certain governmental approvals, the Company will retain an 80% participating interest in the Rubiales Oilfield. During the second quarter of year 2000 work was started at the field with the objective of commencing production from existing wells. Phase one of this program is now essentially completed and the Company is technically ready to initiate production from several wells. Necessary permits have been received from the Colombian Ministry of Mines but the permits required from the Colombian Ministry of Environment to start test production have not yet been issued, although the Company believes that the issuance of such permits will occur in the near future. Due to the delay in the issuance of these permits, ITS will be granted an extension for the production start up in accordance with the terms of the agreements with ITS. Corporate In March 2000, Helm Maritime Corp. ("Helm") agreed to acquire 42.7 million shares in the Company from Coplex Resources N L, thereby becoming the Company's major shareholder directly holding approximately 62.92% of the outstanding shares of the Company. Helm is a wholly-owned subsidiary of the Norwegian public company Northern Offshore ASA (www.northern.no). On April 14, 2000, Mr. John M. Dahlen was appointed Chief Executive Officer and President of the Company." (clip) Santiago