Dusty Mac acquires 37.5 percent working interest in Breeze II (Colorado).VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 23, 1995-- George H. Laycraft, chairman of the board of Dusty Mac Oil & Gas Ltd. pleased to announced that the company has entered into an agreement with the Antelope Energy Co. whereby it has the right to earn a 37.5 percent working interest in the Breeze II anticline anticline: see fold. prospect, Routt County, Colorado Routt County is the 15th most extensive of the 64 counties of the State of Colorado of the United States. The county population was 19,690 at U.S. Census 2000.[1] The county seat is Steamboat Springs. . The Breeze II anticline prospect is approximately two miles southeast of the Breeze I anticline prospect in which the company earlier acquired the right to earn a 37.5 percent working interest on March 28, 1995. The Breeze I and II prospects are located six and eight miles, respectively, southeast of the town of Craig, Northwest Colorado. The Breeze II anticline is defined by surface geology, photo geologic and subsurface sub·sur·face adj. Of, relating to, or situated in an area beneath a surface, especially the surface of the earth or of a body of water. Adj. 1. geologic control. Seismic confirms four-way closure covering more than 3,000 acres (4.7 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. ) exhibiting more than 360 feet of structural closure. As with the Breeze I prospect, 10 different formations between 2,000 feet and 12,000 feet are prospective for production of oil and gas. The potential for developing reserves at the Breeze II prospect is in the order of 60 million barrels of oil and 65 billion cubic feet of natural gas. The combined potential of the Breeze I and Breeze II prospects is estimated to be 85 million barrels of oil and 92 billion cubic feet of natural gas. Total lease acquisition costs on the Breeze II Prospect are $550,000 (USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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 which Dusty Mac is responsible for the payment of $275,000 (USD). The remaining $275,000 (USD) is to be paid by Arrowhead arrowhead, any plant of the genus Sagittaria, widely distributed marsh or aquatic herbs of the primitive family Alismataceae (water-plantain family). The name derives from the arrowhead-shaped leaves of many species. Resources USA, Dusty Mac's joint venture partner on the Breeze I Prospect. Dusty Mac has agreed to advance Arrowhead's initial payment on the Breeze II, subject to such monies being repaid to Dusty Mac on or before March 1, 1996. As security for the payment of its commitment on the Breeze II Prospect, Arrowhead has pledged to Dusty Mac its 37.5 percent working interest in the Breeze I Prospect. If Arrowhead fails to pay Dusty Mac its share of the Breeze II Prospect costs by March 1, 1996, Dusty Mac shall be assigned Arrowhead's interest in the Breeze I Prospect for no additional consideration and Arrowhead shall lose the right to participate in both the Breeze I and the Breeze II Prospects. The initial test well on the Breeze I and 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 well on the Breeze II are to be commenced on or before Nov. 1, 1996, and June 1, 1996, respectively. Antelope shall be carried through the tanks for a 25 percent working interest in the initial well. Production is also subject to a 18 percent overriding (programming) overriding - Redefining in a child class a method or function member defined in a parent class. Not to be confused with "overloading". royalty. On Behalf of the Board of Directors of Dusty Mac Oil & Gas Ltd. George H. Laycraft Chairman of the Board -0- NOTE: 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., Vancouver George H. Laycraft, 604/683-2568 800/444-9348 (U.S. toll-free) 800/561-2166 (Canadian toll-free) |
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