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 : Nevtah/Tower Oil Intl.- NTAH -- Ignore unavailable to you. Want to Upgrade?

To: Just My Opinion who wrote (3233)	10/14/1998 9:47:00 AM
From: Chuck Delo	Read Replies (2) \| Respond to of 3817

Wednesday October 14, 9:00 am Eastern Time Company Press Release Nevtah Update -- New Lease Acquired/ International Patents Filed PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Oct. 14, 1998-- Nevtah Capital Management (''Nevtah'') (NASD OTC:NTAH) announced that the Nevtah/Pamco joint venture has acquired a second lease of 200 acres in Corsicana, Texas, containing 12 existing wells. This acquisition gives the joint venture a total of 800 acres in Corsicana, Texas with 69 wells drilled and an additional potential of 300 wells that can be drilled to a depth of 1,000-1,200 feet. The company's operating strategy is to acquire sufficient acreage with existing wells in a common geographic area to minimize operating costs. A three man operating crew can manage at least 200 wells utilizing the patented Pamco stripper well system compared to the same crew managing only 70 pump jack systems. These savings combined with minimal maintenance and operating costs and increased productivity for the Pamco system will make the Corsicana leases very profitable even with oil prices at their current levels or lower. The new lease also has two additional deeper zones, which can be drilled at a later date. Two shut in wells on this lease produced an average of 150 BOD at a depth of 3,100 feet until they were shut in. The company plans to explore this opportunity next year. The joint venture has installed seven Pamco systems on the first lease and are currently installing an additional eight systems. The installed systems are working very efficiently and producing 1 1/2 to 2 BOD per well. Pamco has filed five new international patents, which incorporate enhancements to the original patent. Three additional patents will be filed early next year covering new developments in the control and operation of the pumping system. The joint venture also plans to have its first stripper gas well pumping system installed and operational by the end of October. For further information on Nevtah, please contact the company's web site at www.nevtah.com. The Baker Report, which analyzes the Nevtah/Pamco joint venture, is available on this web site address. Contact: Nevtah Capital Management, Palm Beach Gardens Daniel Kesonen, Investor Relations 561/626-9901