Drucker Inc.: Oudeh Contract Ratified by Syrian Government 2.4 Billion Barrels Oil in Place.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--July 28, 2003 Drucker Inc. ("Drucker" or the "Company") wishes to announce that Tanganyika Oil Company Ltd. ("Tanganyika Oil"), in which Drucker has a million shares or 4.1% of the shares outstanding, has reported on July 24, 2003 that the Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. signed with the Syrian Petroleum Company and the Syrian Government over the Oudeh Block in northeastern Syria has been ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. by the Syrian Parliament and President. The Oudeh Field contains world class oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally . An independent technical report from Sproule International Limited (June 1, 2003) has been received which estimates 3P recoverable oil reserves to be in the order of 166 million barrels (84 million barrels proven and probable and 82 million possible). Net Present Value (discounted at 10%) of the Company's interest in the 3P reserves is estimated at US $162 million or US $6.38 per share (or approximately Cdn $9.00 per share). Total oil in place contained in the Oudeh Field is estimated at over 2.4 billion barrels. The Oudeh Block encompasses 192 square kilometers located in the main producing region of northeastern Syria (please see News Releases in www.tanganyikaoil.com). The Block is within a major oil trend which extends from the Arabian Gulf Arabian Gulf: see Persian Gulf. , Kuwait and through Iraq, Iran and into Syria. The oil in the Oudeh Field is hosted in three carbonate carbonate (kär`bənāt', –nət), chemical compound containing the carbonate radical or ion, CO3−2. Most familiar carbonates are salts that are formed by reacting an inorganic base (e.g. reservoirs, the Shiranish (Cretaceous), Butmah (Jurassic) and Kurachine (Triassic) which occur in the field at average depths of 1,600, 2,300 and 2,500 metres respectively. The majority of the reserves have been assigned to the Shiranish reservoir. The Butmah and Kurachine reservoirs provide for significant reserve upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside . Tanganyika Oil intends to proceed immediately with development of this world class oil field, commencing with well workovers and production drilling and will also include feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. and field trials. The objective is to increase oil production and recovery using the latest drilling and enhanced recovery techniques. Pursuant to the Production Sharing Agreement, Tanganyika will share in the increased production achieved. Production from the Oudeh Field in November, 2002 averaged 1,125 bopd. Sproule's evaluation and independent studies from Computer Modeling Group Ltd. indicate a potential for sustained oil production of over 30,000 bopd for several years is achievable upon full development. Oil will be shipped via the existing pipeline to the Tartous export terminal on the Mediterranean Coast. Oil prices used for the basis of Sproule's evaluation are the Sproule Brent Forecast less an appropriate price differential (i.e. Shiranish oil forecast is Brent less $6.00). The Company has free access to gas reserves from the Butmah formation for use in enhanced recovery schemes or pressure maintenance through gas injection. As mentioned in a previous Press Release on June 18, 2003, Drucker has signed an agreement to acquire Beijing Beike-Masic Automation Engineering Company ("BK"). BK is a fast growing automation and engineering company in China and is a leading Chinese provider of complete system solutions for industrial automation and control. It is specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. and experienced in developing, manufacturing, distributing and integrating system solutions and automation control products to top industrial enterprises such as steel companies, machinery manufacturing companies as well as public utilities in China. 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. Forward-looking statements involve risks and uncertainties including, but not limited to, economical and political factors. The Company 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 Ronald Xie, President and Director |
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