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Microcap & Penny Stocks : ARXA International (ARXA): Rapid Expansion imminent!!!!!! -- Ignore unavailable to you. Want to Upgrade?

To: LT who wrote (476)	5/18/1999 9:15:00 PM
From: LT	Read Replies (1) \| Respond to of 508

NEWS................................ Tuesday May 18, 6:17 pm Eastern Time Company Press Release SOURCE: ARXA International Energy, Inc. ARXA Announces Acquisition of 40% Interest in Johns Field, and Gas Plant Located in Rankin County, MS GULFPORT, Miss., May 18 /PRNewswire/ -- ARXA International Energy, Inc., (OTC Bulletin Board: ARXA - news) Norris R. Harris, President and CEO of ARXA announces that ARXA has acquired an interest in the Johns Field, MS. from Gulfport Oil & Gas Inc., a private company. ARXA by agreement with Gulfport has acquired a 40% interest in the Johns Field and a plant for gas processing and sulfur recovery that was designed and constructed by the Ortloff Corporation. The gas processing and sulfur plant is capable of producing 40 MMCF/day of methane gas. The estimated replacement cost on the plant would exceed $30 million. ARXA is also acquiring an interest in four producing gas wells and the right to participate in two or more development wells yet to be drilled. Engineering studies of the Johns Field by William M. Cobb & Associates determined that the original gas in place to be approximately 200 BCF. Recoverable gas is estimated to be 120 BCF based upon a 60% recovery factor and 130 BCF based upon a 65% recovery factor. These reserve estimates indicate approximately 55 to 65 BCF of remaining reserves in the Smackover Formation with two or more development wells yet to be drilled. In addition to the remaining Smackover Reserves, log analysis indicates one or more Cotton Valley sands may also be productive on the John Fields structure. Also, there are additional reserves indicated in the Norphlet formation, but no tests have been completed. The operator, Gulfport, intends to conduct a 3-D seismic survey in order to determine the optimum location for additional wells and to assist reservoir engineers in determining the ultimate oil and gas reserves. ARXA is acquiring the interest in the Johns Field and the gas processing plant for $10,000,000. The $10,000,000 will be paid by ARXA in promissory notes, cash, and common stock of ARXA. For further information contact Jack R. Durland, Jr. at 228-864-6667. ARXA can be found on the world wide web at www.arxa.com. This press release contains forward-looking statements, such as future development activity. ARXA notes that there are a variety of factors that could cause the actual results to differ materially from the anticipated results expressed. SOURCE: ARXA International Energy, Inc.