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Gold/Mining/Energy : Black Sea Energy (BSX) -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (132)	2/11/1999 9:56:00 AM
From: Wizzer	Read Replies (1) \| Respond to of 180

Black Sea spuds first exploration well in Southern California Black Sea Energy Ltd BSX Shares issued 89,694,434 Feb 10 close $0.41 Thu 11 Feb 99 News Release Mr. Gerry Burrows reports The company's first exploration well, in California's southern San Joaquin Valley is expected to spud today. The well, Almond Crest 54-20, is being drilled in the northwestern extension of the Lost Hills oil field in Kern County, 72 kilometres northwest of Bakersfield. Since its discovery in 1910, the Lost Hills oil field has produced 270 million barrels of oil and 500 billion cubic feet of natural gas from shallow reservoirs. Almond Crest 54-20 is targeting light oil and associated gas in a deeper reservoir, on trend with nine successful wells to the north that were drilled in 1998. Well 54-20 will be drilled to a depth of about 4,000 feet and is expected to cost $400,000 (U.S.). The results are expected by late February and, if successful, could lead to an aggressive, 50-well development program. Black Sea has 2,500 acres currently under lease in the Almond Crest prospect, on which it holds a 100 per cent working interest. In addition, Black Sea has a 50 per cent interest in 1,500 acres that are part of the Lost Hills deep prospect, which is adjacent to, and east of, the Almond Crest prospect. The Lost Hills deep prospect is on the northern extension of the same geological prospect which contains the Bellevue No. 1 gas-blowout well that was drilled by an unrelated company in late 1998. The geological potential is being evaluated and Black Sea expects to drill a well later this year. Both prospects are centred in California's energy-rich southern San Joaquin Valley, home to the three largest producing oil fields in the continental United States, where more than five billion barrels of oil have been produced. Black Sea has exclusive exploration rights to approximately 80,000 acres in this region with interests, ranging from 12.5 per cent to 100 per cent, determined once each prospect is identified. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com