Dusty Mac Oil & Gas Project Update.Dusty Mac Oil & Gas Ltd. (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 :DMACF; VSE See DOS/VSE. VSE - Virtual Storage Extended :DM) Yemen Negotiations The company has been advised that is proposal to explore an oil concession in Yemen has received a favorable review by the Technical Committee (MOMR) and is subject to the final approval of the Ministerial Oil Committee. The company had been earlier advised by Ministry officials that a decision on the grant of the Concession would be issued by mid October 1995. The company has been reassured by its Agent, the Al-Ahmar Group, that the company's proposal has been well received and that due to delays created within the Ministry, no new Concession agreements have been finalized. The Company has now initiated communications, through its Agent, with His Excellency HIS EXCELLENCY. A title given by the constitution of Massachusetts to the governor of that commonwealth. Const. part 2, c. 2, s. 1, art. 1. This title is customarily given to the governors of the other states, whether it be the official designation in their constitutions and laws or not. , Dr. Mohammad Saud Al-Attar, Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. and Minister of Oil, to assess the potential timing for awarding the Concession. Notwithstanding the delays to date, the company remains very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op and confident that the Ministerial review process will result in a determination favorable for the company. Madera Prospect/West Texas Unfortunately, it appears that the very positive developments which have been announced on the company's South Evetts Prospect and its other exploration activities have been completely overshadowed by the delay in Yemen. In addition to the continued development of its South Evetts field, which is currently producing at approximately 223 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot and 200 MGF MGF In currencies, this is the abbreviation for the Malagasy Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. of natural gas, and its Madera Prospect, which is currently producing a total of 1.65 MMCF/pd and 70 Barrels Condensate/pd, the company will also be participating in the following test or re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the wells: -0-
PROSPECT WORKING DATE POTENTIAL
INTEREST DRILLING/RE-ENTRY RESERVES
Grieve Prospect 30% Jan. 30, 1996 10 MMBO & 14
BCF Gas
Breeze II 50% June 1, 1996 25 MMBO & 27
BCF Gas
Breeze I 50% Nov. 1, 1996 20 MMBO & 28
BCF Gas
South Evetts No. 2 well Early 1996 (Pogo
- initial test well 21.875% to determine) 9.25 MMBO
- subsequent wells 11.712%
- other acreage 50% DMAC to
(4,860 acres) determine
In 1996, management of the company will aggressively pursue the continued development of its U.S. prospects while also focusing on the acquisition of International Prospects. This media release was issued on behalf of the board of directors of Dusty Mac Oil & Gas Ltd. by Richard L. Coglon, president. The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the accuracy of this news release. CONTACT: Dusty Mac Oil & Gas Ltd. 604/683-2568 800/444-9348 (U.S. Toll Free) 800/561-2166 (Canada Toll Free) 604/683-0082 (Fax) |
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