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Microcap & Penny Stocks : Benz Energy (BZG.V) -- Ignore unavailable to you. Want to Upgrade?

To: c.d who wrote (164)	5/5/1999 5:12:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 272

Benz to Complete Fortenberry Well At Oakvale Dome Field in Mississippi HOUSTON--(BUSINESS WIRE)--May 5, 1999--Benz Energy Ltd. (VSE:BZG - news) today announces that the Company has finished intermediate logging of its Fortenberry development well to a depth of 15,700 feet at Oakvale Dome Field in Jefferson Davis County, Miss. The Company owns a 70% working interest in the well and an average 64% working interest in the field. The Fortenberry well logged pay in two zones in the James Formation between 14,970 feet and 15,070 feet, which are comparable to pay zones found in the Kathryn Saltry Byrd discovery well. After setting production casing to 15,700 feet, the Company plans to sidetrack the well to 16,200 feet in order to evaluate and test the deeper Harper and Booth sands, the primary objectives of the well. Both the Harper and Booth sands had positive mud log shows in the Fortenberry well prior to the well's mechanical difficulties. In addition, both sands are productive in the nearby Howell development well announced earlier this year. Chairman and Chief Executive Officer Prentis B. Tomlinson, said, ''We are pleased to have logged pay in the James Formation. However, we view these reservoirs as a bonus since these zones were not our primary objectives. We are very encouraged by the potential of the Harper and Booth due to the high structural position of the Fortenberry well compared to the Byrd discovery well.'' The Byrd discovery well was completed in 1997 in the Harper zone and is currently producing 10.2 MMCFD. The Howell development well at the field tested at a rate of 21 MMCFD from the H1, H2, and Booth sands in March 1999. This well is producing at a restricted rate of 6 MMCFD which will be increased upon completion of the pipeline and processing plant in the near term. In other Company news, Benz announces that its migration from the Yukon Territory to the State of Delaware is expected to be complete later this month. Incorporation in the U.S. is a significant step for the Company towards a listing on a U.S. stock exchange. Benz Energy Ltd. is an exploration and development oil and gas company based in Houston, Texas, focused on natural gas in the onshore U.S. Gulf Coast region of Mississippi, Texas, and Louisiana. Cautionary Statement as to Forward-Looking Information Investors are cautioned that the preceding statements of the Company include certain estimates, assumptions and other forward-looking information (''forward-looking statements (information)''). The actual future performance, developments and/or results of the Company may differ materially from any or all of the forward-looking statements (information), which include current expectations, estimates and projections, in all or part attributable to general economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including rates of inflation, natural gas prices, reserve estimates, drilling risks, future production of oil and gas, changes in future costs and expenses related to oil and gas activities and hedging, financing availability and other risks related to financial activities. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. ---------------------------------------------------------------------- Contact: Benz Energy Ltd., Houston Mark Kahil, 713/739-0351 Fax: 713/739-8402 E-mail: mkahil@benzenergy.com ******************************************************************* Would be interested in comments from our resident oil field experts... Some "color commentary" would be good too!

To: c.d who wrote (164)	5/9/1999 9:09:00 PM
From: Ed Ajootian	Read Replies (1) \| Respond to of 272

Equity markets reopening to oil, experts say May 5, 1999 By MICHAEL DAVIS Copyright 1999 Houston Chronicle Small oil companies struggling with high debt can likely avoid a trip to bankruptcy court now that equity markets are reopening to energy companies in the wake of higher oil prices, energy industry officials said Wednesday. A variety of debt and equity offerings recently announced have given many companies hope for renewed access to badly needed capital. Just weeks ago, speculation was rampant that a number of small independents would not last through the second quarter without Chapter 11 protection. Anadarko Petroleum on Wednesday closed a 6.25 million-share offering, raising $240 million. Also on Monday, driller Pride International said it will sell $75 million of new shares to investment firm First Reserve Corp. Earlier this week, Key Energy Services said it will sell 55 million shares to raise $165 million. East Brunswick, N.J.-based Key Energy Services is a land-based well servicing company, one of the hardest hit segments of the industry. When oil was languishing at $10 to $12 a barrel, the industry was becoming insolvent and small independents were having their balance sheets destroyed, Matt Simmons, president of Simmons & Company International, said Wednesday at the Offshore Technology Conference. "Most companies need about $16 a barrel just to keep production flat," he said. As a result of pinched cash flows due to low prices, service companies are having trouble getting some customers to pay their bills. Dave Robson, chief executive of Houston seismic company Vertias DGC, said collection problems have been the worst ever in 1999. "Prices are up, but cash flow is not enough," he said. "The equity markets need to step up and provide capital." As prices have moved up -- the June oil contract closed Wednesday at $18.98 per barrel, up 6 cents -- capital markets have opened back up to small independents, said Bobby Tudor with Goldman Sachs & Co. "A window has opened and companies are going to rush into it," Tudor said. But any recovery will be slow. Even though prices have moved back up, companies are still budgeting based on low oil prices, said Don Vaughn, vice chairman of Halliburton. "If prices stay up, we would expect to see some improvement next year, but our clients are currently judging the viability of projects based on $12 oil," Vaughn said. Simmons and Jim Day, chief executive of Noble Drilling Corp., both said there are too many offshore contract drillers and that further consolidation is needed in that part of the industry. "Of the top 10 offshore drillers, there needs to be about half of that," Day said. A hypothetical situation that was raised in another session on Tuesday also arose Wednesday: the merger of an energy company with a large financial services company. The example being bandied about was a merger of Goldman Sachs with Baker Hughes. "I think we could see a surprise player emerge that would be like a combination of Bechtel, GE Capital and Baker Hughes," Simmons said.