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Microcap & Penny Stocks : ASK: "THE LAST DON" OF MOMENTUM TRADES -- Ignore unavailable to you. Want to Upgrade?

To: CJacks who wrote (11328)	4/9/1999 3:53:00 PM
From: Just-a-thought	Read Replies (1) \| Respond to of 15987

BW0189 APR 09,1999 12:01 PACIFIC 15:01 EASTERN ( BW)(TX-BOYD-ENERGY-CORP)(BECO) Boyd Energy Corporation To Begin Drilling Natural Gas Well in Illinois Basin Business Editors & Energy Writers ARLINGTON, Texas--(BUSINESS WIRE)--April 9, 1999--Boyd Energy Corporation (the "Company") (OTC BB:BECO) has signed a contract to commence drilling of the Boyd Jones no. 1 natural gas well on April 19, 1999, in Caldwell County, Kentucky, situated in the southern portion of the Illinois Basin. The Company purchased the Jones lease comprising 255 acres and accommodating 6 drill locations and holds an option on an additional 2,000 acres while continuing negotiations on up to 6,000 acres in the P-19 prospect. Boyd Energy owns 100% of the working interest in the Jones lease. Boyd Branch, President of Boyd Energy Corporation, reported that the Company "is proud to have acquired the Kentucky prospect due to the successful performance of the Devonian Black shale, the proven multiple pay zones and the presence of both major gas transmissions lines as well as a strong end user market in the area. Our goal is to become a top producer and to be known as a trusted and knowledgeable operator in both Kentucky and the Southern Illinois Basin." The Boyd Jones no. 1 well will be drilled to a total depth of 4,000 feet encountering the Hunton Group (Silurian) as the primary exploration target. The Hunton Group lies between two proven sources, the New Albany Black Shale and the Maquoketa shale. The Company will drill to the bottom of the Maquoketa shale and search for Silurian Reef deposits. The primary reasoning behind this area of choice is due to its potential for the production of natural gas and crude oil. The area of interest presents geological similarities to those of the Centralia Field (IL) that has produced 58 million barrels of oil to date. Wells in the Centralia Field area have reported initial flow rates as high as 15,000 BOPD with sustained flow rates of 1,000 BOPD. According to data from wells drilled in the Farmersville area of Caldwell County, there are an estimated 10 potential reservoirs that can be penetrated as a result of drilling through the Maquoketa shale in this area. The Farmersville area has produced wells with an open flow rate of over 1,250 MMCF per day at 400' depths (Bethel formation) while blowing free oil from the Renault at 1,120'. A well drilled in the McCloskey lime section B has been determined to contain 225 MMCF of natural gas reserves. Boyd Energy Corporation is an independent oil and gas exploration and development company located at 1000 Ballpark Way, Suite 210, Arlington, Texas, 76011, Tel: 817/469-8118, Fax: 817/460-5215 or visit our Web site at www.boydenergy.com. Forward-looking statements in this announcement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Including without limitation to the costs of exploring for the uncertainty of developing new oil and gas reserves, the price for which such reserves can be sold, environmental concerns effecting the drilling and producing of oil and gas reserves, as well as general market conditions, competition and pricing. --30--RH/da* CONTACT: Boyd Energy Corporation, Arlington Boyd Branch, 817/469-8118 Fax: 817/460-5215 KEYWORD: TEXAS ILLINOIS KENTUCKY INDUSTRY KEYWORD: ENERGY OIL/GAS