Daleco Resources drilling update.LOS ANGELES, Calif.--(BUSINESS WIRE)--Aug. 28, 1996--Daleco Resources Corp. (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, 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) 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 Corp. has successfully redrilled its DRC V oil well, in Burleson County, Texas Burleson County is a county located in the U.S. state of Texas. It is part of the College Station-Bryan Metropolitan Statistical Area. As of 2000, the population is 16,470. Its county seat is Caldwell6. . The well was completed as a second horizontal lateral to a total depth of 10,834 ft., flowing at an initial production rate of 1525 barrels of oil and 1250 mcf of gas per day on a 24/64" choke with 960 psi flowing tubing preserve. The company owns a 43 percent working interest and 32.25 percent net revenue interest in the well. Mr. 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 noted that the well is a part of Westlands multi-million dollar drilling and recompletion program to be carried out over the next three years. The program will enable the company to expedite the development of its Texas oil and gas properties and should result in significant increases in the oil and gas production rates and revenues. Additionally, Mr. Amir said that the company is aggressively pursuing the acquisition of additional oil and gas producing properties. Daleco's common stock is listed on NASDAQ (DLOVF) and the Canadian Dealing Network (DLOV). CONTACT: Daleco Resources Corp. Dov Amir, 310/282-9999 or Gary Novinskie, 610/254-4199 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion