Benz Discovery At Baber.HOUSTON--(BUSINESS WIRE)--Oct. 5, 1998--Benz Energy Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended :BZG BZG Bristol Zoo Gardens (UK) ) today announces that it has made a discovery at its Baber Prospect in Colorado County, Texas Colorado County is a county located in the U.S. state of Texas. In 2000, its population was 20,390. Its county seat is Columbus6. Colorado is named for the Colorado River of Texas. Geography According to the U.S. . The Rau-Allen No. 1 well was completed in 32 feet of pay in the Yegua formation at a depth of 5,768 feet, and daily gross production is averaging 135 barrels of oil and 300 MCF. Benz owns a 50 percent working interest in the prospect. Based on the current production rate, the projected time to pay out the cost of the well is 15 months and net reserves added are estimated by the company to be 73,000 barrels of oil equivalent. The discovery increases the company's 1998 drilling success rate to 83 percent and increases net production and net revenues by approximately 4 percent. Ernest J. LaFlure, president of Benz, commented, "This discovery has added reserves to the company at a cost of approximately $2 per barrel and represents the type of shallow depth opportunities which are an integral part of our Texas 3-D program." Benz Energy Ltd. is an exploration and development company based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , focused on natural gas in the U.S. Gulf Coast of Texas, Mississippi and Louisiana. Cautionary Statement as to Forward-Looking Information Investors are cautioned that the preceding statements of the company include certain estimates, assumptions and other forward-looking information ("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. (information)"). The actual future performance, developments and/or results of the company may differ materially from any or all of the forward-looking statements (information), which include current expectations, estimates and projections, in all or part attributable to general economic conditions and other risks, uncertainties and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or partly or totally outside the control of the company, including rates of inflation, natural gas prices, reserve estimates, drilling risks, future production of oil and gas, changes in future costs and expenses related to oil and gas activities and hedging, financing availability and other risks related to financial activities. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. |
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