Bonanza Resources Announces the Drilling of the Fifth Well in the Arkoma Basin.VANCOUVER, British Columbia -- Bonanza Resources Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:BRS BRS - Big Red Switch. This abbreviation is fairly common on-line. )(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BRSUF)(FWB (Fixed Wireless Broadband) See fixed wireless. :B4G) ("Bonanza" or "the Company") is pleased to announce that the Company has been notified by Concorde Resources that the Pense Drilling Rig #1 will be moving on location to drill the 5th well in its Eastern Oklahoma project. The Jamie #1 is located in Section 14-10N-17E of McIntosh County, Oklahoma. The main objective is the Hartshorne formation which the Company has already participated in four successful wells. The Guy Burton #1 was recently hooked up to the sale line with a flow rate of 160,000 cubic feet of gas per day. The Hammett #1, Newton #1 and McDonald #1 are in the final stages of completion from the Hartshorne formation. In the area, the Hartshorne formation has produced from 350,000 up to 500,000 million cubic feet of gas per well. A secondary objective is the Booch formation at approximately 1,300 feet. The Company plans to participate in the drilling of 17 additional wells based upon 160-acre spacing initially with additional wells to be drilled on 80 acres later. The Company owns a 25-per-cent working interest with an 18.75-per-cent net revenue interest covering 3,800 acres gross. The estimated cost per completed well is $150,000.00 US per well. Bonanza Resources Corporation is a professionally managed junior oil and gas exploration company with an increasing revenue stream. The Company is currently developing projects in Oklahoma and Texas. Through its extensive contact base and using its current revenues, Bonanza will continue to seek out and participate in high potential natural gas drill programs in North America. ON BEHALF OF THE BOARD Byron Coulthard, President/CEO The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this news release. Bonanza Resources Corporation (TSX VENTURE:BRS) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :BRSUF) (FRANKFURT:B4G) |
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