Daleco Resources Corp. Commenced Drilling.VANCOUVER, British Columbia--(BUSINESS WIRE)--July 16, 1996-- Daleco Resources Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DLOVF CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : DLOV) announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Westlands Resources Corporation has commenced drilling the G.W. Bryan Heirs No. 1 Well, a Lower Hosston Formation test in the Benton Field Benton Field (FAA LID: O85) is a public airport located one mile (1.6 km) west of Redding, serving Shasta County, California, USA. This general aviation airport covers 80 acres and has one runway. , Bossier Parish, Louisiana Bossier Parish (French: Paroisse de Bossier) is a parish located in the U.S. state of Louisiana. The parish seat is Benton. As of 2000, the population was 98,310. The principal city is Bossier City, which is located east of the Red River from Shreveport, the seat of Caddo , in which it owns 100 percent working interest and 75 percent net revenue interest. The well is currently drilling at 5,700 feet with expected TD of 7,570. The Company also said that the Bryan Well is a part of its 1996 Development Program scheduled for the balance of the year and which is budgeted at over $2,900,000. According to Gary Novinskie, Daleco's President, the Company's exploitation and development program will include the drilling of additional horizontal laterals, re-fracs and workovers of existing wells as well as drilling of new horizontal wells on the Company's existing lease holdings in Texas. Additionally, the company will continue development drilling on acreage being acquired through the previously announced acquisition of Deven Resources and Broad Street Financial Company. The Company anticipates that the work program carried out this year will result in an immediate increase of over 300 percent in monthly revenues. Dov Amir, Chairman of the Board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Daleco, confirmed that the Company's previously announced agreements to acquire Deven Resources, Inc., and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. totaling additional net reserves of 700,000 Bbls of oil and 7 Bef of gas are anticipated to close on or about August 31, 1996, following the planned redomiciling of the Company out of Canada into the United States. Daleco's common stock is listed on NASDAQ (DLOVF) and the Canadian Dealing Network Inc. (DLOV) ON BEHALF OF THE BOARD Dov Amir, Chairman CONTACT: Daleco Resources Corporation Louis Erlich, 310/282-9999 or Daleco Resources Corporation Dov Amir, 310/282-9999 or Daleco Resources Corporation Gary Novinskie, 610/964-2080 |
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