Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Pease Oil & Gas WPOG -- Ignore unavailable to you. Want to Upgrade?

To: Chartgod who wrote (17)	10/13/1998 11:19:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 24

Pease Oil and Gas Company Announces 3,000 BOPD Flow Test at East Bayou Sorrel PR Newswire - October 13, 1998 13:23 GRAND JUNCTION, Colo., Oct. 13 /PRNewswire/ -- Pease Oil and Gas Company (Nasdaq: WPOG) announced today that the State Lease 2102 #1 at East Bayou Sorrel Field, Iberville Parish, Louisiana, flow tested at a rate of 3,048 barrels of oil per day ("BOPD") and 2.8 million cubic feet of natural gas per day ("MMCFD") with no water on 17/64 inch choke with a flowing tubing pressure of 5,710 psi. The well was flow tested through perforations at 12,916 feet to 12,942 feet TVD in the Cib Hazz 3 sand. The Cib Hazz 3 was the primary objective and has produced approximately 800,000 barrels of oil and 800 MMCFD since December 1996 in the down dip Schwing #1 well. The State Lease 2102 #1 was 55 feet high to the Schwing #1 at the Cib Hazz 3 interval. Gross sand thickness increased by 4 feet with improved porosity and lower water saturations. The well also logged 41 feet of net pay in the Cib Hazz 2, 56 feet high to the same sand in the Schwing #1. The 41 feet of pay in the Cib Hazz 2 represents a net pay increase of 16 feet over the same sand in the Schwing #1. The Cib Hazz 2 currently produces approximately 900 BOPD (approximately 350,000 barrels of oil and 400 MMCF since June, 1997) from 21 net feet of pay in the Schwing #2 which is 111 feet down dip to the State Lease 2102. The State Lease 2102 should be placed on production with a restricted choke at an expected rate of 1,800 BOPD and 1.6 MMCFD within one week. Pease Oil and Gas Company owns a working interest before payout of 8.92% and a after payout working interest of 14.33%. National Energy Group (Nasdaq: NEGX) operates the well and has a 75.78% working interest. Pease Oil and Gas Company is an independent energy company engaged in exploration for and the acquisition and development of oil and gas properties using 3-D seismic technology. For more information please contact Willard H. Pease, Jr., President/CEO or Patrick J. Duncan, CFO at (970) 245-5917. Forward Looking Statement: The statements in this report regarding projected production performance and expected drilling and development activities are "forward-looking statements" within the meaning of the federal security laws. Such statements are inherently uncertain and actual results and activities may differ materially from those estimated or projected. Certain factors that can affect the Company's ability to achieve projected results are described in the Company's Annual Report and other reports filed with the Securities and Exchange Commission. Such factors include, among others, uncertainties inherent in reserve estimations and production rates, especially for estimates of undeveloped reserves, operational risks inherent in the offshore environment with corresponding exposure to delays, significant cost overruns, and mechanical problems, the highly competitive nature of activity offshore with corresponding shortages of equipment and personnel, 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 the otherwise presently planned. SOURCE Pease Oil and Gas Company ****************************************************************************** Wondering why the market essentially ignored this great news. What am I missing here folks?!!