BPK Resources Announces Successful Fracture Stimulation of Well at West Texas - Waha Project - Places Well into Commercial Production.Business Editors/Energy Writers HOUSTON--(BUSINESS WIRE)--July 23, 2003 BPK BPK Badan Pemeriksa Keuangan (Indonesia) BPK B-Cell Progenitor Kinase BPK Banking and Payment Authority of Kosova Resources Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BPKR) ("BPK" or the "Company") reported today that its TMBR Sharp #22-1H well has been successfully completed and fracture stimulated in the Devonian chert chert: see flint. interval. The well was initially flowing gas to sales at a rate of 5.4 million cubic feet per day ("MMCFD"), although the gas plant could only handle 2.9 MMCFD, which is the current rate at which the well is producing. The well previously encountered significant hydrocarbon shows in the upper part of the Devonian chert formation during horizontal drilling operations, and is part of BPK's West Texas Waha project which is located in the middle of the Delaware Basin The Delaware Basin in West Texas and southern New Mexico is famous for holding large oil fields and for exposing a fossilized reef. Guadalupe Mountains National Park and Carlsbad Caverns National Park protect part of the basin. in Reeves County, Texas Reeves County is a county located in the U.S. state of Texas. In 2000, its population was 13,137. Its seat is Pecos6. Reeves County is named for George R. Reeves, a Texas state legislator and colonel in the Confederate Army. Geography According to the U.S. . BPK has a 12.5% working interest in 3,037 acres in the area which is operated by Tom Brown Inc. Multiple fracture multiple fracture n. The simultaneous fracture of several bones. stimulations of the 2,700 feet of horizontal lateral in the #22-1H well were performed. Currently, gas is being sold from the lease at an average price of $5.00/MMBTU. After evaluation of the first well results, additional wells are planned to develop the property. John B. Connally, III, President of BPK said "This result at Waha brings BPK to two successful cash flow producing projects. This cash flow from our Waha and Hackberry hackberry: see elm. projects will provide BPK with operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. well into the future." About the Company: BPK Resources, Inc., based in Houston, Texas, is a new breed of independent oil and gas company engaged in acquiring, exploring and developing natural gas and oil properties. The Company is using a strategy that targets high potential assets by leveraging its relationships and by seeking out partners on a project-by-project basis that are experts in the specific area being targeted. This strategy is exposing its shareholders to projects with world class potential, managed by some of the industry's most talented people. This strategy is intended to allow the Company to generate significant shareholder value, cost effectively, while reducing certain risks traditionally inherent in the oil and gas industry. In just under a year of oil and gas operations, the Company has executed its strategy and has positioned itself in three North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and one International project of world-class potential, operated by some of the leaders and most dynamic names in the oil and gas industry. The Company has partnered with Amerada Hess, Tom Brown, Inc., Oscar Wyatt, TMBR/SHARP and NuCoastal Corporation. This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions 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. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial position to differ materially from those included within the forward-looking statements. These factors include, but are not limited to, the Company's properties producing oil and gas in commercial quantities, the absence of a track record of developing successful properties, the Company's ability to generate additional financing, as well those factors set forth in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. FOR FURTHER INFORMATION CONTACT: Bill Legg, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 1-887-858-6990 or invrel@bpkresources.com or visit BPK's website at www.bpkresources.com. |
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