Bonanza Resources to Commence Pumping of First Oil Well in Howard County, Texas-Seismic Survey Complete.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- 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 a pumping unit has arrived and that the Company is preparing to pump the Griffin No. 1 well, part of the Worth Oil Project located in Howard County, Texas Howard County is a county located in the U.S. state of Texas. In 2000, its population was 33,627. Its county seat is Big Spring6. Howard County is named for Volney E. Howard, a U.S. Congressman from Texas. Geography According to the U.S. . Production tanks are now being mobilized. The pumping unit will be used to pump out existing water to increase oil flow. Initially, the Griffin No. 1 well produced 56 barrels of oil after performing an acid-wash treatment. Bonanza has also received results from a 3-D seismic survey (part of a larger-area seismic evaluation and done at no cost to Bonanza) to be used to locate additional drill-site locations. President Byron Coulthard said: "Bonanza is focusing its efforts on reducing water content and increasing oil flow at the Worth Oil Project. The project is located northeast of the Would Have Oil Field where over 2.3 million barrels of oil have been produced to date. The recently completed seismic survey has greatly improved our knowledge of the project area and a site is being selected to drill our second well on the project area." Bonanza has an 82.5-per-cent working interest and a 61.75-per-cent net revenue interest in the Worth Oil project. 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 oil & 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) (PINK SHEETS:BRSUF) (FRANKFURT:B4G) |
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