International TME Resources Inc. Announces a New Oil Field Discovery on its PEL 100 ORRI.DALLAS -- International TME See Tivoli Systems Management Software. Resources Inc., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ITME ITME International Textile Machinery Exhibition (India) ) is pleased that the operator of the PEL 100 Permit (145,569 Gross Acres) located in the Cooper-Eromanga Basin in South Central Australia reports a new oil field discovery. The Cleansweep No. 1 (Stuart Petroleum) well flowed at a rate of more than 400 barrels of oil per day on the drill stem test In oil and natural gas extraction, the drill stem includes the drill pipe, drill collars, bottomhole assembly, and drill bit. A drill stem test (DST) is a procedure for testing the surrounding geological formation through the drill pipe. . The oil flowed from the Birkhead Formation at about 6,900 feet. Based on results of the D.S D.S Drainage Structure (flood protection) .T. and log analysis, the Cleansweep No. 1 will be cased and suspended pending completion as a new oil field producer from the basal Birkhead Formation. Australia ITME has onshore royalty and working interest holdings in 4,281,123 acres in the Cooper-Eromanga Basin in South Australia. Offshore Australia royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. in the Gippsland Basin total 370,572 acres. Texas ITME is in a joint venture to explore and develop a heavy oil project located on 33,963 acres, more or less, in Edwards Co., Texas. Currently, a coring program is underway to determine the feasibility of a pilot production program. For the Board Allen White, President International TME Resources Inc. 6370 L.B.J. FRWY., Suite 174 Dallas, TX 75240 972.458.7013 Symbol: ITME Web: www.tmeresources.com The statements in the press release that relate to the company's expectations with regard to the future impact the company's results from acquisitions or actions in development are forward-looking statements within the meaning 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. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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