Drucker Inc. -- New Oil Reservoir Discovered For Eighth Well In The Hana Field, Egypt.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 20, 2000 The Board of Directors of Drucker Inc. ("Drucker" or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DKIN) is pleased to announce that the Hana-8 well in Egypt has been successfully drilled as an oil producer. The well penetrated 40 feet of net pay in the Kareem oil reservoir An oil reservoir, petroleum system or petroleum reservoir is often thought of as being an underground "lake" of oil, but it is actually composed of hydrocarbons contained in porous rock formations. which occurred in the highest structural position encountered in the Hana field. The Hana-8 well was then deepened to 5,400 feet, resulting in a new oil discovery in the Rudeis formation with 22 feet of net pay (25 percent porosity). Both zones have been completed and are currently being tied to production. When on stream, the Hana-8 well is expected to boost field production substantially above the current rate of 3,500 barrels of oil per day. A multi-well drilling and pressure maintenance program is scheduled for early 2001 to achieve full exploitation of the Hana field. 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 Inc., holds a 20% interest of the onshore 2,530 sq km 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. Tanganyika Oil Company Ltd., through its wholly owned subsidiary, Dublin International Petroleum (Egypt) Limited, is the operator holding a 50% 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 Corp. holds the remaining 30% interest. In Algeria, the Sahara El Mehadjer-1 (SEM-1) well within the onshore 3,152 sq km Hassi Bir Rekaiz Concession spudded on December 9, 2000 and is currently at 358 meter (1,175 ft). Drucker has an indirect 2.5 % interest in the project. 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 |
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