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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 30, 1996--Phoenix Resources Technologies Inc. (OTC/BB:PRTI) Tuesday announced the completion of a contract to drill gas wells within the state of West Virginia for ERIN OIL EXPLORATION INC. (ERIN), a private company located in the state of Texas. The contract allows ERIN to purchase 500 drilling sites on land presently leased by Phoenix Resources Tech. and to contract with Phoenix Resources Tech. to drill the gas wells on these sites. The contract, when fulfilled, will generate at least $125 million in sales to Phoenix Resources Tech. In addition, Phoenix Resources Tech. will transport the gas through its pipeline network and will operate each new well with a 7.5 percent net revenue interest. The contract covers a period of five years and has a minimum number of wells to be drilled per year. It is expected that drilling will begin within two weeks, with the first wells to be drilled either in Ritchie or Pleasants County, W.Va. These wells will be drilled only after ERIN deposits into Phoenix Resources Tech. accounts the funds necessary to drill each well. There should therefore be little risk to Phoenix Resources Tech. through the duration of the contract. West Virginia oil and gas production has been prolific since the time of first drilling in the neighboring state of Pennsylvania. the oil produced in the area is a high quality, light grade of oil, while the natural gas produced is usually far in excess of the standard for decatherms per thousand cubic feet. The company is expected to show continued growth in sales and earnings from its Energy Division through the current fiscal year, with this contract adding significantly to revenues for years to come. Phoenix Resources Tech. is continuing discussions with other groups that wish to drill wells in the same area. The company owns leases in excess of 25,000 acres of possible producing land in West Virginia. CONTACT: Pacific Corporate Equities Dan Spurway, 800/844-5549 KEYWORD: ARIZONA TEXAS WEST VIRGINIA PENNSYLVANIA INDUSTRY KEYWORD: OIL/GAS ENERGY MINING/METALS BW0190 JUL 30,1996 Good Hunting Paul | ||||||||||||||
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