Company Initiates Drill Program in Hood County, Texas.Business Editors DALLAS--(BUSINESS WIRE)--March 20, 2000 International Oil & Gas Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IOAG IOAG Infantry Operational Advisory Group ) announced today that the company has signed an agreement with Rodessa Operating Company operating company A business that engages in transactions with outsiders. to earn a 50% leasehold interest and for Pallaum Minerals Ltd. to earn a 12.82% leasehold interest in a 5,000-acre gas/oil prospect in Hood County, Texas Hood County is a county located in the U.S. state of Texas. In 2000, the population was 41,100. Its seat is Granbury6. Hood County is named for John Bell Hood, a Confederate lieutenant general and the commander of Hood's Texas Brigade. . The prospect is located on the edge of the Lipann Gas Field, which is approximately 30 miles southwest of Ft. Worth, Texas. The prospect has three main target zones: a carboniferous age reef; a deep-seated fracture feeder system; and a deeper subthrust of younger carbonates. The recently completed 3D seismic survey carried out by Michael Hanratty, Geophysicist, has defined and interpreted reefal structures at near the Chappel layer. The size of the reef has been estimated to be 1 mile by 1-1/2 miles. About 40 miles away, the No. 3 Ora B Jones well was drilled into a reef by Ray Ritchey in 1985, and it blew out at 12,460 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot plus gas and produced 700,000 barrels of oil and a billion cubic feet of gas in 90 days. The initial 9,000-foot test well has been positioned to intercept the three main target zones: the upper reef zone, the fracture zone, and the lower subthrust zone. The turnkey dry hole cost of the well is US$335,000. The drilling which will be managed by Rodessa Operating Company will commence on or before April 15, 2000. The property is crossed by two under-utilized gas pipelines, and a producing well could be connected very quickly. The estimated completion costs are US$247,000. If hydrocarbons are found multiple wells could be drilled to exploit the reserves. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Act Notice: Certain matters discussed in this news release are forward-looking statements, as it is defined in 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 forward-looking statements are subject to a number of known and unknown risks and uncertainties including, but not limited to, business-to-business opportunities as well as availability of human and financial resources; which may cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of International Oil & Gas Inc. For more information concerning International Oil and Gas Inc., please contact: Mr. Kevin Chennault Dallas, Texas 972/964-6401 |
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