|Tue Feb 15, 2000|
| ||The Company wishes to provide a brief update of its recent successes in the oil and gas business as well as outline its plans for the next six months.|
Alberta (Garrington Well): The Company participated in this successful well during the fall of 1999, which is currently flowing approximately 60 barrels of oil equivalent per day.
Kansas/Colorado (Siverson Well): This well has been in operation since February 1999 and has, to date, produced over 1.1 billion cubic feet of gas in the first year of operation. Additionally, the Company has an interest in approximately 16,000 acres in the area, and has committed to participate in a test well located two miles to the north of the Siverson Well. The Company will have a 10.23% working interest in this test well, which is scheduled to be spuded in the next two weeks. Pending the outcome of the test well, a more comprehensive program to explore this Kansas/Colorado asset of the Company will be developed.
Additionally, the Company is in discussion with a private company for rights to a shallow well prospect that is considered to be of extremely low risk and has the probability to produce approximately 100 barrels of oil per day. To finance this project, the Company is negotiating a line of credit in the range of $250,000.
More detailed announcements will follow as the Company progresses with its plans.
On behalf of the Board of Directors
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the contents of this news release
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