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Gold/Mining/Energy : Any Good Penny Resources Left? -- Ignore unavailable to you. Want to Upgrade?

To: paul s. who wrote (649)	3/4/1998 11:59:00 PM
From: workingclassman9	Read Replies (1) \| Respond to of 753

Join the NTAH THREAD and see what is happening on this penny stock.Today's Press Release Wednesday March 4, 10:52 am Eastern Time Company Press Release Nevtah Capital Management Corp. - Corporate Update - Matagorda Island, Calhoun County, Texas - Gulf of Mexico Projects PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--March 4, 1998--Nevtah Capital Management Corp.'s (NASD OTC:NTAH) Gas Project on Matagorda Island is within a large area play that has been considered to be one of the five best plays currently active in the Gulf of Mexico. Recent developments indicate that potential of the Miocene and Frio Sands of this area offer huge project potential for the company. Significant discoveries have been made within a short distance of Nevtah's project area. Nevtah Capital Management Corp. is pleased to report that it has received a 3D seismic report covering its Hawes gas field leases located on Matagorda Island. This report, just received, was conducted at no cost to Nevtah by a large independent gas producer holding extensive leases on and around the island. Matagorda Island is located in the Gulf of Mexico, situated in Calhoun County, Texas (located northeast of Corpus Christi). There are two series of pay sands in the company's acreage block, namely the Miocene at about 6,500 feet depth and the Frio sands at about 12,500 feet depth. The Miocene contains 3 wells which were drilled in the mid 80's. These wells are currently sanded up but by utilizing new technology and with proper handling of drilling mud while drilling the pay, successful completion will undoubtedly be achieved. Gas production is certain from the Miocene, which holds a minimum of 10 BCF reserves of gas. In all probability the company will produce approximately 3 MMCF/day, for $6,000/day in revenues. There is also very good potential for oil production from this zone. Proper production rates will be followed at all times. Geological analysis of the Frio Sands, on Nevtah's leases which have not yet been drilled indicate this zone will be very prolific. Based on initial studies of the 3D report by the company, Nevtah's management believes the Frio Sands will produce up to 10 MMCF of gas per day resulting in a potential of $20,000.00 per day gross revenue from each well providing proper permeability is present. There is a total potential for a minimum of 3 wells from each pay zone on Nevtah's Matagorda leases which would result in gross revenues of $78,000.00 per day. In recent months Shell announced a major Frio discovery in Matagorda Bay, behind this barrier island complex. This is considered by Shell to be at least a trillion cubic feet of gas (TCFG) reservoir. Recently, Amoco reportedly made a significant gas discovery nearby in the deeper lower Miocene. Seagull Oil & Gas Corp. has made a gas discovery in the Brazos block reportedly including seven productive sand intervals with the lower two sands testing at 4.8 MMCFPD. An excerpt from Jay Taylor's February report (a New York based analyst) states that another junior company who recently acquired a series of leases just offshore from Matagorda Island, in only 48 feet of water, contains a shut-in gas field with estimated reserves of 18.6 billion cubic feet of gas. Gas production commenced in August 1997 at the rate of 7 million cubic feet of gas per day (MMCFD) resulting in revenues of approximately $17,000.00 per day to this company. This report also states that one 2000 acre claim is estimated to contain 18 BCF of gas with possible producible reserves from this field, in the 10 BCF range. Nevtah Capital Management Corp. is a junior oil and gas production/exploration company with experienced management whose corporate philosophy is to obtain oil and gas leases which contain existing proven reserves and production that hold excellent probabilities to expand production utilizing secondary recovery methods. This should result in strong revenues without requiring excessive capital expenditures. On behalf of the Board of Directors Daniel P. Kesonen President 604/689-7706 The forward-looking statements reflected in this release are made in reliance upon the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. No assurance can be given that the results discussed herein will be attained, and certain important factors that may cause actual results to differ materially include such factors, among others, uncertainties inherent in reserve estimations and the reliability of short-term production test results for projecting future performance, operational risks inherent in the offshore environment and the uncertain cost and pricing environment in the oil and gas industry. The company has no obligation to update the statements contained in this report or to take action that is described herein or otherwise presently planned. ------------------------------------------------------------------------ Contact: Nevtah Capital Management Corp. Daniel P. Kesonen, President, 604/689-7706 ------------------------------------------------------------------------ More Quotes and News:Nevtah Capital Management Corp (OTC BB:NTAH - news)Related News Categories: oil/energy ------------------------------------------------------------------------ Help ------------------------------------------------------------------------ Copyright c 1998 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any