Lexico Resources International Corporation Sets 28 Well Site Drilling Program On "Uintah Basin" Concession.ENGLEWOOD, Colo.--(BUSINESS WIRE)--Nov. 19, 1998-- Begins Cataloging Drill Sites On Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. Concessions Estimated To Be Worth $4 Billion Lexico Resources International Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :LXXI) announced today a 28 site drilling program on its 4,000 acre Uintah Basin concession in Northeastern Utah and the cataloging of drilling sites on its Pacific Rim concessions. Lexico has the rights to natural gas in the Uintah Basin, the second largest onshore hydrocarbon basin in the contiguous United States. The Company also owns a 50 percent interest in United Stratum ANS (ANS Communications, Inc, Purchase, NY) An ISP, Internet backbone and provider of private data network services, founded in 1990 as Advanced Network & Services, Inc., by IBM, MCI and Merit (consortium of Michigan universities). PTY Pty Austral & S African Proprietary , an Australian company with interest in oil and gas concessions on the Pacific Rim. Independent engineering reports carried out by Haymaker & Associates and commissioned by Lexico, estimate that the value of Lexico's Uintah concession, after drilling and operational costs to be $157 million at present oil and natural gas prices, and that Lexico's carried interest in its Pacific Rim mineral rights concessions could have the potential of 400 million barrels of oil according to independent geologists reports. At Uintah the Company said it anticipates starting the drilling program to develop 28 well sites early next year. There is an estimated 32 billion cubic feet of natural gas recoverable from each site, or a total of 900 billion cubic feet of natural gas and 14 million barrels of oil. Lexico said that after paying a lease fee to the United States Government and royalties to landowners, Lexico will retain approximately 60 percent of the revenue from the sale of gas and oil. Lexico also has a 50 percent interest in United Stratum whose core asset is a 3/8ths net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). interest in the 3,728,000 acre "Port Sandwich Basin Oil and Gas Concession" in The Republic of Vanuatu, an island nation in the South Pacific. Lexico, and its partner, have begun cataloging potential drilling sites in this region. United Stratum is currently applying for a six million acre concession in Northern Australia's Pedirka Basin Simpson Desert. L. Lex See yacc. 1. (tool) Lex - A lexical analyser generator for Unix and its input language. There is a GNU version called flex and a version written in, and outputting, SML/NJ called ML-lex. Dolton, Chairman of Lexico said, "The substantial concessions are in keeping with our portfolio management approach to our business. We anticipate to begin our drilling program for our Utah properties early in the first quarter of next year. We believe the Pacific Rim concessions offer us a rare and very special economic opportunity. There are indications that the properties are similar in formation to the producing oil and gas provinces along the Indonesian and New Guinean portions of The Pacific Rim." Mr. Dolton added, "It is our intention to acquire additional properties that will fit into our portfolio strategy." Lexico Resources, based in Englewood, Colorado, and founded in 1987, is a natural gas and oil company. The Company has secured rights to develop certain natural gas properties in the Uintah Basin of Utah, and owns 50 percent of United Stratum AUS AUS abbr. Army of the United States . Pty., an Australian Company with interests in oil and gas concessions in the Pacific Rim. Except for the historical information contained herein, the matters discussed are forward-looking statements 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. These statements involve risks and uncertainties, such as quarterly fluctuations in operating results, the timely availability of new products, market acceptance of the company's products, the impacts of competitive products and pricing, government regulation of the company's products and other risks and uncertainties set forth in the company's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein. This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com |
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