Asdar Acquires Interest in Oil Field With 100+ Million Barrels.Business Editors CORSICANA, Texas--(BUSINESS WIRE)--Sept. 21, 2000 Asdar Group (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :XBET) today announced that it had acquired a Twenty Five Percent (25%) working interest in the LAK LAK In currencies, this is the abbreviation for the Laos Kip. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Ranch Oil (LAK) project located in the Powder River Basin The Powder River Basin is a region in southeast Montana and northeast Wyoming about 120 miles east to west and 200 miles north to south known for its coal deposits. It is both a topographic drainage and geologic structural basin. in Weston County, Wyoming Weston County is a county located in the U.S. state of Wyoming. Its county seat is Newcastle6. History Weston County was organized in 1890. Geography According to the U.S. Census Bureau, the county has a total area of 6,216 km² (2,400 mi²). from 2U Online.com, Inc. The LAK project has, to date: 1. Over 100+ Million barrels of proven reserve on the 6,300 acre project, as confirmed by independent engineering reports and test drilling performed by independent engineers; 2. Engineering lifting costs estimated at approximately US$7.00/bbl. with recoveries exceeding 70%; 3. A written proposal from a major oil company to purchase LAK's oil at a spot oil price of West Texas Intermediate (WTI WTI West Texas Intermediate WTI Western Transportation Institute (Montana State University) WTI World Tribunal on Iraq WTI With The Idea (used in chess to point to the idea behind a specific move) ); 4. Analysis which shows the oil is naphthenic with a very low sulphur content, and contains no paraffin, and is, therefore, excellent jet fuel feed stock. Terms of the Agreement with 2U Online.com call for ASDAR to acquire the entire 25% working interest owned by 2Uonline.com in the LAK project for a total of 5,500,000 shares of the restricted common stock of ASDAR. This will bring the total issued and outstanding shares of ASDAR to approximately 10.2 Million shares. Stephen J. Nemergut, President and Chairman of the Board of ASDAR stated, "The LAK project is considered an excellent prospect for recovery using the application of Steam Assisted Gravity Drainage Steam Assisted Gravity Drainage (SAGD) is an enhanced oil recovery technology for heavy crude oil and bitumen. Description Two parallel horizontal oil wells are drilled in the formation. (SAGD SAGD Steam-Assisted Gravity Drainage (oil extraction process) SAGD Security Architecture Guidance and Directions ) technology. This technology has worked with similar types of deposits in the past, and we feel confident it will work at LAK." Construction of the SAGD pilot plant facility is currently underway. The cost of the SAGD start up operation is estimated to be US$3.5 million and is expected to be completed with oil flowing before year-end. Mr. Nemergut went on to state that "given the significant rise in the price of oil, the high quality of the LAK Ranch oil, the advancements in recovery processes, and the estimated low cost of recovery, ASDAR feels that the Company and its shareholders will receive significant value from this acquisition." "Stephen Nemergut" Signed President Safe Harbor Statement under 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: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but no limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Asdar's filings with the Securities & Exchange Commission. |
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