American Resources of Delaware Inc. participates in successful development well on the Ship Shoal Block 150 Offshore Gulf of Mexico Lease.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Sept. 26, 1995--American Resources of Delaware Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GASS GASS Greenland Air Surveillance System GASS Gas Analyzing Sensor System GASS Guidance Accuracy Study for SPRINT GASS Google AdSense Stats Syndrome GASS Generic Application Simulation System (Boeing Rotocraft) ) (ARI ARI Acute respiratory infection, see there ) announced Monday positive results from developmental drilling in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Century Offshore Management Corp. (Century), operator of, and 50 percent working interest partner in, the Ship Shoal Block 150 has successfully reached total depth and logged the B-4 sidetrack well number two. The B-4 well verified the 3-D seismic interpretation of the reservoir which was discovered in April 1995 by the Ship Shoal Block B-3 well. Consulting petroleum engineers are currently re-evaluating Ship Shoal Block 150 reserves in light of the drilling results. ARI expects a significant increase in the reserves. The B-4 ST-2 well, which encountered oil pay similar to that found in the B-3 well, is scheduled to come on production from the existing production platform in October 1995. The B-3 well is averaging approximately 1,400 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . ARI's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Southern Gas Company of Delaware Inc., owns a 50.0 percent working interest (34.17 percent net revenue interest) in the B-4 well. The successful drilling of the B-4 sidetrack number two is the eighth consecutive successful well based on 3-D seismic interpretation that Century and ARI have jointly participated in, either through direct ownership or by ARI providing financing for Century's South Timbalier Block 148 field. CONTACT: American Resources of Delaware Inc., Scottsdale Investor Relations Department, 602/945-9195 |
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