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Gold/Mining/Energy : 25,740' WINFIELD RANCH JV PARTNERS -- Ignore unavailable to you. Want to Upgrade?

To: Gord Bolton who wrote (1225)	5/20/1999 11:57:00 AM
From: Natedog	Read Replies (1) \| Respond to of 1326

trying to figure out what THE is getting from past NER releases. Newstar Resources Inc - Texas horizontal drilling program; Michigan acquisition Newstar Resources Inc NER Shares issued 28,000,000 1998-12-01 close $0.82 Wednesday Dec 2 1998 Mr. Tim Richardson reports Newstar has decided to proceed with a program involving four horizontal wells to develop the Glen Rose "B" formation in its Madisonville field in East Texas at a depth of 10,400 feet. Two of the wells would use existing well bores owned by Newstar. A successful test of the Glen Rose "B" formation in Newstar's Ruby Magness No. 1 well has demonstrated that the formation contains sweet natural gas and condensate which can be most efficiently developed through the application of horizontal drilling technology. Newstar is in the process of completing the Magness well for production. As previously announced, Newstar Resources and Omimex Energy, a privately held company based in Fort Worth, Texas, have reached agreement with Union Oil Company of California to purchase certain of Unocal's Michigan oil and gas properties. The purchase was scheduled to close Dec. 1, 1998, with an effective date of July 1, 1998, but all parties agreed to extend the closing to on or about Dec. 15, 1998, while keeping the effective date unchanged. Under the agreement, Newstar and Omimex would receive substantially all of Unocal's operated oil and gas interests and related assets in the Garfield field, Kalkaska County, Michigan and Beaver Creek field, Kalkaska and Crawford Counties, Michigan, and other miscellaneous, non-operated oil and gas properties and assets in various counties of Michigan. Approximately 20,000 net leasehold acres producing 2,200 barrels of oil equivalent per day are included in the purchase.