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Gold/Mining/Energy : Rumour Thread -- Ignore unavailable to you. Want to Upgrade?

To: The Fix who wrote (170)	2/19/1998 9:05:00 PM
From: workingclassman9	Read Replies (1) \| Respond to of 223

To All:::Thursday February 19, 10:22 am Eastern Time Company Press Release Large Reef Structure Identified PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Feb. 19, 1998--Nevtah Capital Management Corp. (NASD OTC:NTAH) announced that it will conduct three dimensional (''3D'') seismic in one of its leases located in Gonzales County, South Texas. The company's consultant geophysicist has identified potential for either gas and/or oil production. Based on other producing wells in the same formation with similar structures, the company estimates the reserves could contain up to $150 million of oil/condensate at current prices. The use of 3D seismic will be used to outline the reef structure and assist the company in locating the first well to be drilled. Nevtah is currently producing oil from the Austin Chalk formation on this lease. Additional leasing in this area is planned within the next 30 days. The company has received a 3D seismic report covering its gas producing leases on Matagorda Island off the Texas coast. The 3D seismic was conducted, at no cost to the company, by a large independent gas producer with extensive gas leases on and around Matagorda Island. The report will be reviewed by Nevtah's consulting geophysicist to identify drilling locations within the Frio gas bearing structure. The company feels that the Frio could produce up to 10 MMCF per well per day of gas ($20,000.00) with the potential for 3 wells. Additional leasing is planned within the next 30 days. On behalf of the Board of Directors Daniel P. Kesonen President 561/626-9901 Contact: Nevtah Capital Management Corp. Daniel P. Kesonen, President 561/626-9901 More Quotes and News: Nevtah Capital Management Corp (OTC BB:NTAH - news) Related News Categories: mining/metals, oil/energy