Cotton Valley Resources Corp. Acquires Alden Properties from the Homestake Companies.DALLAS--(BUSINESS WIRE)--March 4, 1997--Cotton Valley Resources Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CTVYF, CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :CVZC) ("Cotton Valley") announced today it has completed the acquisition of all the interests owned by the Homestake Companies and other related entities in the N.E. Alden Field, Caddo County, Oklahoma Caddo County is a county located in the U.S. state of Oklahoma. As of 2000, the population was 30,150. Its county seat is Anadarko6. Geography According to the U.S. Census Bureau, the county has a total area of 3,342 km² (1,290 mi²). . Consisting of eleven oil and gas wells and four water injection wells previously drilled to depths of 8,000 to 10,000 feet, the properties acquired by Cotton Valley have been estimated by third party consulting engineers to contain net proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of approximately 200,000 barrels of oil and 1.6 billion cubic feet of gas. The field is also estimated to contain, net to the Cotton Valley interest, probable reserves of 300,000 barrels of oil and 5.2 billion cubic feet of gas. The consulting engineers have estimated that the proved and probable reserves would generate more than $20 million of future net revenue to Cotton Valley over the remaining life of the field. Cotton Valley is an independent oil and gas company operating in Texas, Oklahoma, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Alabama. CONTACT: Cotton Valley Resources Corp. Peter Lucas, 214/363-1968 peter@cottonvalley.com www.cottonvalley.com or Liviakis Financial Communications John Liviakis, 916/448-6084 |
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