Cadence Signs Joint Venture With Waggoner Ranch; Prepares to Drill Two More Wells.Business Editors WALLA WALLA Walla Walla (wŏl`ə wŏl`ə), city (1990 pop. 26,478), seat of Walla Walla co., SE Wash., at the junction of the Walla Walla River and Mill Creek, near the Oregon line; inc. 1862. , Wash.--(BUSINESS WIRE)--Aug. 21, 2002 Cadence Resources Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CDNR CDNR Chronic Disease Notes and Reports ) announced today that it has signed a Joint Venture Agreement with the Waggoner Ranch to develop another 1000 acres of highly prospective oil land located one mile to the west of the existing leasehold that the Company holds with the Ranch. Under the terms of the Joint Venture, the Company and the Waggoner Ranch will participate 50-50 on all costs associated with exploring, drilling and developing the acreage. The joint venture has already commenced a 3-D seismic evaluation of the acreage and plans to drill an initial well there in September. In a related development, Cadence announced today that it has received the first $250,000 traunche from the $20 million Limited Partnership credit facility which was previously announced, and will commence drilling a pinnacle reef target at the top of the Canyon Limestone Unit in the northwest corner of its "B" lease within ten days. The Company will have a 100% working interest in this well. Cadence is a US based oil and gas company which is developing oil prospects in Wilbarger County, Texas Wilbarger County is a county located in the U.S. state of Texas. In 2005, the United States Census Bureau estimated that the population was 13,896, down from 14,676 in 2000. The county seat is Vernon6. , and holds over 3,000 acres of natural gas prospects in De Soto Parish, Louisiana De Soto Parish is a parish located in the U.S. state of Louisiana. It is part of the Shreveport-Bossier City, Louisiana Metropolitan Statistical Area. Its seat is Mansfield. In 2000, its population was 25,494. Geography The parish has a total area of 2,317 km² (894 mi²). . Certain statements contained herein may contain 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 involve risks and uncertainties. Therefore, actual results may differ materially from those projected or implied. As a result, these forward-looking statements represent the Company's best judgment as of the date of this news release. |
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