Dusty Mac plans deeper drill on Madera well.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 12, 1995--Dusty Mac Oil and 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) (VcSE:DM) Friday released the following statement. -0- The management of Dusty Mac Oil and Gas would like to take this opportunity to reassure our investors as to the inherent value of the properties currently owned and under development by Dusty Mac. Despite the failure to find oil in the Bone Spring formation on our recently drilled Madera 12-1 well, we are still confident of the potential to turn the well into a gas producer at a deeper level and are currently in the process of permitting to take the well deeper. In no way do we feel that this well -- a wildcat wildcat, common name of two Old World cats, the European wildcat, Felis sylvestris, of Europe and W Asia, and the African wildcat, or kaffir cat, F. lybica, of Africa and Asia. to begin with -- has been a total loss, particularly given the financial participation of our partners, who have paid 76 percent of the drilling costs to date. Seemingly, the market has responded to an erroneous erroneous adj. 1) in error, wrong. 2) not according to established law, particularly in a legal decision or court ruling. perception that this well was crucial to the financial viability of the company. Nothing could be further from the truth. Our two other Madera gas wells are both capable of producing positive cash flow to the company, and in fact are generating revenues of about $120,000 U.S. per month. Meanwhile, Dusty Mac is continuing its programs at selected sites on our other exceptional prospects. It is meet to remind our investors of the underlying value in the company's prospects and to note the reduced risk and expenses to the company as a result of our recent operating agreement An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. with Ultra Petroleum. The temporary setback of one wildcat well Noun 1. wildcat well - an exploratory oil well drilled in land not known to be an oil field wildcat oil well, oiler - a well that yields or has yielded oil not striking oil in what is essentially a gas-oriented play should in no way be construed as striking the death knell death knell Noun something that heralds death or destruction Noun 1. death knell - an omen of death or destruction of Dusty Mac. Management is committed to continuing to provide our shareholders with solid equity growth and foresees 1995 as being an excellent year for the company. -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 and Gas Ltd., Vancouver George H. Laycraft, 604/683-2568 |
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