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Gold/Mining/Energy : Stanford Oil & Gas (SOG was STB) -- Ignore unavailable to you. Want to Upgrade?

To: Flea who wrote (141)	10/7/1998 12:19:00 PM
From: Flea	Respond to of 196

Remaining interest in Enserch portfolio of properties acquired Stanford Oil & Gas Ltd SOG Shares issued 12,982,959 Oct 6 close $0.55 Tue 6 Oct 98 News Release Mr. Brad Colby reports The company has concluded an agreement to purchase its joint venture partner's 10 per cent working interest in the Enserch portfolio of properties. The purchase price is $2-million (U.S.) with an effective date of Sept. 1, 1998. The company now controls 100 per cent of this portfolio of properties. The purchase price for this acquisition was financed 100 per cent from the company's credit facility. In conjunction with this acquisition the company's credit facility was amended with the most significant change being that the borrowing base was increased to $15.8-million (U.S.), of which approximately $15.3-million will have been used after closing of the acquisition. The company continues to move forward with its exploitation program on the Enserch properties. Two recompletions, at a total cost of $100,000 (U.S.), have been successfully completed and have added approximately 35 bopd and 80 mcfgpd. The company is in the process of deepening a well in the LaPan gas storage unit in which it holds a 100 per cent working interest in the oil rights. The job is expected to be completed within two weeks at a cost of approximately $80,000 (U.S.). The well has the potential to significantly increase the company's daily oil production. If successful, it is likely that two other wells in the LaPan gas storage unit will be drilled or deepened prior to the end of the year. At East Lost Hills, the Bellevue No. 1-17 well continues to drill towards an anticipated total depth of approximately 18,500 feet. The well is at a measured depth of 17,270 feet having been side-tracked at a depth of 11,836 feet in an attempt to gain better structural position and delineate potential uphole pay. The well is being drilled on a confidential basis and is expected to be completed during the fourth quarter of 1998. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com