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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Bill McCabe who wrote (8455)	9/11/2001 2:39:37 PM
From: Bill McCabe	Read Replies (1) \| Respond to of 24905

Just found this. Was this the reason for the increase ?? Energy Power Systems Limited - Ontario Horizontal Well Going OnProduction TORONTO, Sep 11, 2001 (BUSINESS WIRE) -- Energy Power Systems Limited (OTCBB: EYPSF) (CDNX: YPX) (www.epsx.com) ("Energy Power" or the "Company") announces that the drilling of a horizontal development oil well operated by Talisman Energy in Essex County, Ontario has been completed as a producer. The well was drilled to a True Vertical Depth of 792 metres with a True Measured Depth of 1,973 metres. The well is being equipped and initial production testing will be conducted for a period of 30 to 60 days to further evaluate the well. Energy Power has a 8.839% interest before payout and a 7.13% interest after payout. The horizontal leg penetrated the Sherman Falls Carbonate, a formation of Ordovician Age. The Sherman Falls section is the main producing reservoir in Essex County and accounts for 75% of oil production in Ontario. During 2000, 1.5 million barrels of oil was produced from the Ordovician in Ontario. About Energy Power Systems Limited Energy Power is a diversified energy source & service company taking advantage of the current upward trends in this critical sector. Investors, governments and industry are increasingly looking at oil and gas as an integral part of a financial plan. Some money managers are focussing on oil & gas service companies that profit from building and maintaining the huge production infrastructures, rather than just oil & gas producers whose profits fluctuate with the price of oil. With growing cash flow from its Oil & Gas Division and ongoing revenues from its Engineering & Offshore Division, EPS is positioned to perform throughout the energy cycle. The Company has approximately 6.3 million shares of common stock outstanding. Certain of the statements contained in this news release are forward-looking statements. While these statements reflect the Corporation's current beliefs, they are subject to uncertainties and risks that could cause actual results to differ materially. These factors include, but are not limited to, the demand for the Corporation's products and services, economic and competitive conditions, access to debt or equity capital on favorable terms, and other risks detailed in the Corporation's Form 20-F and Annual Report. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. CONTACT: Energy Power Systems Limited Sandra Hall, 866/230-3305 URL: www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2001 Business Wire. All rights reserved.