Argentina -- Minex Minerals Acquires Another Three Oil and Gas Concessions in the Gulf of San Jorge.LISLE, Ill.--(BUSINESS WIRE)--Oct. 8, 1997--Minex Minerals Inc. has purchased a 100 percent interest in three oil and gas concessions in the hydrocarbon-rich Gulf of San Jorge San Jorge can refer to
The three properties, Canadon Pilar Pilar strong-minded female leader of a group of guerrillas in the Spanish Civil War. [Am. Lit.: Hemingway For Whom the Bell Tolls] See : Female Power Pilar (160 sq. km.), Pico Salamanca (151.2 sq. km.) and Mina Salamanca (5.7 sq. km.) were purchased from an Argentine company, Benito Roggio E Hijos S.A. The properties have had 250 km of 2-D seismic acquired and has a history of production from its discovery by YPF YPF Yacimientos Petrolíferos Fiscales (Argentina) YPF Esquimalt, British Columbia, Canada (Airport Code) YPF Young Peoples Fellowship . Pico Salamanca has had a total of 23 wells drilled with nine of the wells deemed productive with gas. Mina Salamanca has 10 wells with seven deemed productive also with gas. Canadon Pilar has five wells, of which four wells tested oil and gas but were never put in production. A study of the technical information including a comprehensive environmental impact study, and original seismic tapes for reprocessing Reprocessing may refer to:
The addition of these areas makes Minex one of the largest holders of oil and gas rights in the San Jorge Basin San Jorge basin is located in the provinces of Chubut and Santa Cruz, in the south of Argentina. It is the best basin in the south-west Atlantic Ocean. It is located between Dos Bahias cape ( 44°55S; 65°32S) and Tres Puntas cape (47°0.6S; 65°52´W). This basin has aproximatly 39. . An exploration and production program will be announced shortly. Minex Minerals is a publicly listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → (Symbol:MNXM) with a corporate focus of acquisition, exploration and development of natural resources worldwide. The company has acquired a large onshore concession in the hydrocarbon-rich San Jorge Basin, Province of Chubut, Argentina. The basin is host to an estimated 2 billion barrels of oil, but has only been partly explored to date with more than 65 percent of the area remaining unexplored. An engineering report has been received and an exploration program will be announced shortly. For further information please call 800/890-8814. -0- "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements: Except for historical information contained herein, the statements in this Release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the company's actual results in future periods to differ materially from forecasting results. These risks and uncertainties include, among other things, volatility of oil prices, product demand, market competition, risks inherent in the company's exploration operations, imprecision of reserve estimates and the availability of additional oil and gas assets for acquisition on commercially reasonable terms." CONTACT: Minex Minerals Inc., Lisle John Craig, 800/890-8814 |
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