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Microcap & Penny Stocks : Arcon Energy .... Another Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: FARRIS who wrote (238)	2/2/1998 9:44:00 AM
From: Ga Bard	Read Replies (1) \| Respond to of 626

360 MILLION TO THE BALANCE SHEET!!!! (BSNS WIRE) Midland Inc. Acquires Leasehold Interest in Bob West Field Midland Inc. Acquires Leasehold Interest in Bob West Field in South Texas Business Editors DALLAS--(BUSINESS WIRE)--Feb. 2, 1998--Daniel W. Fisher (Chairman/CEO) announced today that Midland's (Nasdaq/BB:MIDL) wholly owned subsidiary, Acronenergy, entered into an agreement to acquire 2290 acres of leasehold interest in the vicinity of the Bob West Field in South Texas. Midland's interest lies between the Coastal production to the North and Petroleus Mexicanos production to the South. The property contains three well bores which contain 28 production zones. Typical production in the area ranges from 10,000 mcf to 29,000 mcf per day and the company expects to bring all the wells currently on the property and any new wells drilled to this level of production. The Bob West Field has produced over 300 billion cubic feet of gas to date through 70 wells from five major oil and gas producers. The company estimates that the property has 360 to 500 billion cubic The company estimates that the property has 360 to 500 billion feet of reserves. With annual gas prices averaging $2.50 per M. C. F. the acquisition will add $630 million in revenues after 30% cost expenses over the six to 10 year life of the field and the acquisition will add an estimated $360 million in reserves to the company's balance sheet, based on $1.00 per mcf in the ground reserve valuation. Fisher also announced that the company would change its name to Arcon International Corporation, subject to shareholder approval, at the scheduled shareholder meeting. Midland is a fully reporting company trading on the OTC market. All reports for Midland have been filed in a timely manner and the company intends to remain current on its filings. Statements made herein are forward-looking in nature, within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the oil and gas industry.