Asdar Group - Harvester No. 1-25 Well Oil & Gas Update & Financing.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 2, 2001 Asdar Group (XBET: OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB) reports that an updated review by the Project's Petroleum Engineer, Robert M. Scoggins P.E. of Benton, Louisiana The town of Benton is the parish seat of Bossier Parish, in the US state of Louisiana. The population was 2,035 at the 2000 census. Geography Benton is located at (32.694607, -93.740595)GR1. , USA based on new data contained within the TripleSat RMT-Elite Analysis performed by Halliburton Energy Services indicates the following:
-- Probable Gas reserves in place are estimated at 216.97 Billion Cubic Feet
(BCF)
-- Probable Oil / Condensates in place are estimated at 9,263,814 barrels
The table below sets out the specific updated information:
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Zone Formation Interval (ft.) Gross Net
Pay Pay
(ft.) (ft.)
-------------------------------------------------------------
1 (2) Temblor 11,690-11,750 60 22
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2 Temblor 12,080-12,148 68 37
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3 Vedder 12,974-13,052 78 46
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4 Vedder 13,148-13,206 58 48
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5 (1) Vedder 13,264-13,360 96 74
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6 Vaqueros 13,745-13,794 49 15
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7 Kreyenhagen 14,016-14,093 77 8
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Total 486 250
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(1)(2)- Development priority *includes condensates
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Zone Formation Porosity Gas Oil
% Reserves Reserves
(BCF) (Bbls)*
---------------------------------------------------------------
1 (2) Temblor 18-23 19.71 271,740
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2 Temblor 12-22 33.15 464,100
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3 Vedder 12-28 41.21 412,100
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4 Vedder 13-18 43.00 301,000
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5 (1) Vedder 18-22 66.30 1,326,000
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6 Vaqueros 16-24 13.40 93,800
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7 Kreyenhagen 22-24 .20 6,395,074
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Total 216.97 9,363,814
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These calculations are based on the 640 acre spacing and 18-23% water saturation of the Harvester harvester, farm machine that mechanically harvests a crop. Small-grain harvesting has been mechanized to a certain extent since early times. In the modern period the first harvester to gain general acceptance was made by Cyrus McCormick in 1831 (see reaper). #1-25 well. The recovery factor for Gas Reserves is 60%. The recovery factor for Oil Reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally is 25-30%. Any production achieved in any of the indicated zones will be considered a new field discovery. Asdar Group holds a 50% interest in the Harvester #1-25 well and surrounding 1120-acre lease located in the San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes in Bakersfield, California “Bakersfield” redirects here. For other uses, see Bakersfield (disambiguation). Bakersfield (pop. 323,213GR2) is one of the fastest-growing, large-population cities in the United States. . The company has arranged for a private placement of $300,000 USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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. . A total of 1,000,000 units will be issued with each unit consisting of a common share and one warrant for the purchase of an additional share at a price of $0.35 USD effective for one year. /s/ Robert Waters ___________________________ Robert Waters M.B.A., President For further information please contact Joseph Beyrouti Investor Relations Investor relations The process by which the corporation communicates with its investors. at: 1-888-488-6882 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. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. Editor's note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : The asterisk symbol (*) may not reproduce properly in some systems. |
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