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

To: patim who wrote (74806)	9/27/2000 10:04:13 AM
From: patim	Read Replies (1) \| Respond to of 95453

wft..now down 2 1/4

To: patim who wrote (74806)	9/27/2000 10:11:39 AM
From: gpphantom	Respond to of 95453

Re: WFT, ? (COMTEX) B: T&H Resources Ltd. - Update The Toronto Stock Exchange Trading Symbol: THE Shares Outstanding: 38,714,292 TORONTO, Sep 27, 2000 (CNW via COMTEX) -- T&H Resources Ltd. ("T&H") is pleased to provide the following update regarding the Winfield Ranch 17 1E Well ("Well") drilled in Pecos County, Texas. Further to our press release of September 14th, 2000 T&H has been notified that the Well was entered on Friday, September 22nd. It is our understanding that the plan is to continue sidetracking operations. All necessary filings have been made at the Texas Railroad Commission to transfer operatorship. The new operator of the well is Weatherford Drilling Services Inc. The lawsuit between Weatherford International, Inc. and its subsidiaries and the Working Interest Owners is ongoing and various depositions are scheduled for October. T&H is a working interest participant in the Well which was drilled, logged and cased to a total depth of 25,740 feet. Log analysis had indicated a potential for more than 1,100 feet of pay in the Ellenburger formation, a highly prolific gas zone in the region and the primary objective of the well. The lawsuit against Weatherford seeks compensatory damages, exemplary damages and attorney fees as a consequence of the pipe failures resulting in the loss of the Well. T&H is confident of a favorable outcome in the litigation. Weatherford is now attempting to mitigate damages by re-entering the Well in an attempt to deliver a well, at its sole risk and expense, into the Ellenburger formation. The working interest owners have made no agreement with Weatherford other than consenting to allow Weatherford to attempt mitigation efforts. T&H holds the largest interest of all Working Interest Owners of 22.29 % prior to payout and a 16.71 % interest after payout in the Well and owns the same percentages in the recovery, if any, in the lawsuit against Weatherford. John A. Pollock - President CONTACT: For further information: contact: Donald T. Rankin, (416) 947 1087 or William P. Dickie, (416) 366-2856, e-mail: THResources(at)cs. om News release via Canada NewsWire, Toronto 416-863-9350 -ME- Copyright (C) 2000 CNW, All rights reserved -0- KEYWORD: TORONTO INDUSTRY KEYWORD: MNG * end of story *