NEOM .019.News(COMTEX)B: NeoMedia Says New Power Distribution System in Place Covering
wo of Loch's Leases with Reserves of 4.0 Million Barr
B: NeoMedia Says New Power Distribution System in Place Covering Two of Loch's L
ases with Reserves of 4.0 Million Barrels of Oil
FT. MYERS, Fla. & HOUSTON, Texas, Aug 22, 2003 (BUSINESS WIRE) -- NeoMedia
Technologies, Inc. (OTCBB: NEOM), said today said that Loch Energy, Inc., which
it has announced plans to acquire, reported that a new state-of the art power
distribution system is now in place on leases where studies have shown proven
and probable reserves of some 4.0 million barrels of oil.
Charles T. Jensen, president and acting CEO of NeoMedia, said Loch CEO Patrick
E. Ashworth reported that electric power is now in place for Loch's 16 well
bores on the Alexander and R.E. Burt Leases covering 51.5 acres on the Humble
Salt Dome near Houston.
"This modern system provides three levels of electricity to be distributed to
the wells, giving Loch the ability to step-up or step-down power as needed to be
both efficient and cost-effective in pumping oil and protecting rigs and other
equipment," said Ashworth. "With this system now in place, we will be ready to
start pumping from our top wells as testing is completed and certifications are
received."
Last week NeoMedia announced that the No. 10 well on the R.E. Burt lease had put
more than 100 barrels of oil in the tanks (see "NeoMedia says Loch's No. 10 Well
is Producing Oil on Daily Basis," Business Wire, Aug. 13). The first truckload
from Burt No. 10, shipped in late July at a final gross price of $30.89 per
barrel, comparable to the benchmark price of West Texas Intermediate.
Earlier this year NeoMedia announced plans to acquire and merge with Loch (see
"NeoMedia Reaches Agreement in Principal to Acquire Loch Energy, Inc." Business
Wire, March 13), which owns mineral and lease rights to five properties totaling
approximately 130 acres. That announcement said evaluation and estimates by oil
specialists of Loch's position show proven reserves of some 7,707,247 barrels,
and probable reserves of an additional 5,963,748 barrels - more than 13.67
million barrels in all, including the Burt leases.
NeoMedia also recently announced plans to acquire and merge with Secure Source
Technologies of Silver Spring, Maryland (see "NeoMedia Technologies, Inc., Signs
LOI to Acquire Secure Source Technologies, Including Seven Patents with Homeland
Security and Cellular Industry Applications," Business Wire, July 28.)
About NeoMedia Technologies
NeoMedia Technologies, Inc. (www.neom.com), is an innovator and international
leader in print-to-Internet and other technologies which make information faster
and easier to access, with expertise in homeland security and e-authentication
applications.
About Loch Energy, Inc.
Loch Energy, Inc., is a low-cost, environmentally-conscientious and safe
producer of oil and gas properties, and a strong advocate of creating an
environment in which the oil and gas industry, and related businesses, prosper
and grow through responsible development of Texas's natural resources.
This press release contains forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. With the exception of historical information contained
herein, the matters discussed in this press release involve risk and
uncertainties. Actual results could differ materially from those expressed in
any forward-looking statement
SOURCE: NeoMedia Technologies, Inc.
CONTACT: NeoMedia Technologies, Inc.
Charles T. Jensen, 239-337-3434
cjensen@neom.com
or
Loch Energy, Inc.
Patrick E. Ashworth, 281-548-0175
or
The Kaminer Group
David A. Kaminer, 914-684-1934
dkaminer@kamgrp.com
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
-0-
KEYWORD: TEXAS FLORIDA
INDUSTRY KEYWORD: ENVIRONMENT
HARDWARE
UTILITIES
ENERGY
OIL/GAS
*** end of story *** |
