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Gold/Mining/Energy : Westfort Energy Ltd. (WT-T) -- Ignore unavailable to you. Want to Upgrade?

To: bill who wrote (344)	4/1/1998 2:24:00 PM
From: bill	Read Replies (1) \| Respond to of 1288

Pelahatchie seismic lines acquired; larger oil and gas reserves indicated Westfort Energy Ltd WT Shares issued 12,230,583 Mar 31 close $1.72 Wed 1 Apr 98 News Release Mr Whitney Pansano reports The company has recently secured four seismic lines run across Pelahatchie field. Interpreted by third party, independent geophysicist Wilbur Harper, of Jackson, Mississippi, the seismic data indicates that the Norphlet structural trap actually covers approximately 4000 acres. Based on the newly acquired seismic data and the previous geological studies by Harold Karges, geologist for Westfort, the company has since the first of the year acquired additional mineral leases in order to more adequately cover the prospect prior to drilling. The company now controls the majority ownership in over 3200 net acres in the field; all of which the company's geologist feels will be included in productive producing units. In a report by Tierney and Associates, an independent engineering firm based in Jackson, Mississippi, the firm assigned reserves totalling 28,561,899 gross oil reserves and 23,439 mmcf methane gas reserves to 1381 acres in the field classified as either proved undeveloped or probable. Geological interpretations based on Harold Karges' geology, together with the new seismic interpretations by geophysicist Wilbur Harper indicate that oil and gas accumulations underlie a much larger acreage than those under which lie the proved and probable reserves, and further support previous estimates in which geological and engineering studies indicate that the Norphlet zone contains at least 40 million barrels of recoverable high gravity oil and 40 billion cubic feet of saleable methane gas. In fact, Mr Harold Karges opines that the Norphlet formation in Pelahatchie Field contains the largest known accumulation of on-shore proved undeveloped oil and gas reserves in the southeastern US. The permit for drilling of the first Norphlet well to 17,350 ft has been received from the Mississippi State Oil and Gas Board; the well has been staked and site preparation to accommodate the drilling operations has begun. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com