|Mon Jan 29, 2001|
LETTER OF INTENT SIGNED FOR FIVE WELL NATURAL GAS PROJECT
| ||The Company is pleased to announce that it has signed a letter of intent with Sovereign Chief Ventures Ltd.(CDNX symbol: SCV), to acquire a 20% working interest for $150,000 U.S. cash, covering the acquisition and development costs of a five well natural gas re-entry program in the Sinton Sands located forty miles west of Corpus Cristi, Texas. The five well program will utilize existing well bores that have been producing oil from a deeper zone, and that originally by-passed the up-hole natural gas formations when they where first drilled.|
The wells have completed electric logs and coring data which show 123 feet of net gas sands with porosity up to 30% at depths above 4,100 feet. The size of the property could also allow the drilling of up to six additional wells in the future to help fully develop this resource. The data clearly suggests the potential for significant production from these Sinton Sands which are contained in a lease of 504 contiguous acres.
For further information please contact our investor relations firm; Panstar Capital Corp at (604) 662-3004 local 103.
On behalf of the Board
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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