Drilling Commences in West Gharib, Egypt.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 24, 1999-- The Board of Directors of Drucker Industries Inc. ("Drucker" or the "Company") is pleased to announce the commencement of its drilling program on the West Gharib Block, onshore Gulf of Suez Noun 1. Gulf of Suez - a northwestern arm of the Red Sea linked to the Mediterranean by the Suez Canal Red Sea - a long arm of the Indian Ocean between northeast Africa and Arabia; linked to the Mediterranean at the north end by the Suez Canal , with the spudding of the Hana-1 test well. Upon completion and testing of the Hana-1 well (within 4 to 5 weeks) the EDC EDC See: Export Development Corp. No. 17 rig will relocate to drill the Farha-1 prospect located 15 kilometers to the south of Hana-1. Both wells will be drilled to a total depth of approximately 6,000 feet, with the Miocene Rudeis Sand as the primary target. In 1998 the Rudeis Sand yielded two major offshore discoveries by Amoco and Pennzoil that tested 18,800 and 6,000 barrels of oil per day respectively. The new Amoco SG310 field is currently producing 25,000 barrels of oil per day. The West Gharib Block (630,000 acres or 2530 sq km) is within the prolific Gulf of Suez rift basin which holds over 6 billion barrels of reserves and produces 800,000 barrels of oil per day. Drucker's current exploration program is based on extensive geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. studies resulting from a 2D and 3D seismic program conducted last summer. Several additional prospects and leads have been confirmed for future evaluation. Drucker Petroleum Inc., a 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. of Drucker Industries Inc., holds a 20 percent interest. Tanganyika Oil Company Ltd., through its wholly owned subsidiary Dublin International Petroleum (Egypt) Limited, is the operator of the West Gharib block holding a 50 percent interest and GHP GHP Georgia Health Partnership GHP Geisinger Health Plan (Danville, PA) GHP Governor's Honors Program GHP Good Handling Practices (food safety) GHP Grand High Priest Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum (USA) Corp. holds the remaining 30 percent interest. Any forward-looking statement 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. in this press release is made pursuant to the "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. " provisions of 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. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economical and political factors, fluctuations in international and local oil prices, as well as the inherent risks of exploring for oil and gas. Drucker disclaims any obligation to update any such factors or to publicly announce results of any revision to the forward-looking statements contained herein to reflect future events or developments. ON BEHALF OF THE BOARD OF DIRECTORS OF DRUCKER INDUSTRIES INC. (Signed) Gerry Runolfson, President |
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