Drucker Inc. - Hana Deep-1 /Hana-9/ Well Completed as Oil Producer.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 28, 2002 NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). BB Sym: "DKIN" The Board of Directors of Drucker Inc. ("Drucker" or the "Company") is pleased to announce that the Hana-9 well is currently being completed as a Kareem oil producer. The well encountered 45 feet of net oil pay (average porosity 26%) in the Kareem reservoir, further extending the Hana Field to the west. Production tubing Production tubing is a tubular used in a wellbore through which production fluids are produced. Production tubing is run into the drilled well after the casing is run and cemented in place. (3.5 inch) has been set and the well is expected to be on production within the next 10 days. Daily production rates will be reported as soon as they are available. The Hana-9 well reached a total depth of 6,550 feet ending in the Middle Rudeis sands. The well penetrated a section of the Hana structure that dipped downwards against a fault which resulted in the Rudeis formation coming in deeper than prognosis. The Hana-9 well penetrated the Upper Rudeis sands just below the oil water contact. Mobilization of the rig to the Hana South-1 location will commence over the next few days. The Hana Field is currently producing approximately 1,200 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of 26 degree API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. oil from the Miocene Kareem reservoir. Drucker has a 20% working interest in the 468,750 acre (1,900 square kilometer) West Gharib Block in the 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 , Egypt. 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 (Signed) Gerry Runolfson, President For further information including location map, please visit our website at www.drucker-inc.com, or contact: Gerry Runolfson, President Phone: (604) 681-4421 Fax: (604) 681-4355 or, Ernest Cheung, Director or Ken Kow, Exploration Manager Phone: (604) 689-4407 Fax: (604) 689-7654 e-mail: investors@drucker-inc.com |
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