Spectrum Technology Acquires 50% of Spindletop Energy LLC.Business Editors BAKERSFIELD, Calif.--(BUSINESS WIRE)--May 29, 2001 Spectrum Technology Corporation (NQB NQB National Quotation Bureau, Inc (now Pink Sheets) :SPUM SPUM Splendid Micro-Union of Microstatia ) announced today the impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. termination of its agreement with Bencor Technologies as to the development of PIMA seawater desalination desalination or desalting Removal of dissolved salts from seawater and from the salty waters of inland seas, highly mineralized groundwaters, and municipal wastewaters. . OIL AND GAS ACQUISITION The company announces it has acquired 50% ownership in Spindletop Energy LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Spindletop Energy is headed by Dennis Palmer. As a former research group leader for Conoco, Palmer has extensive educational experience in geology and geophysics. He has worked both onshore and offshore environments throughout the world and is responsible for finding over 4 trillion cubic feet of gas and approximately 20 million barrels of oil. A recently completed test well on Spindletop Energy property drilled through a 2,050 foot thick oil column. This extraordinary column of crude oil was demonstrated and confirmed by the presence of abundant biodegraded oil. An extensive additional leasing program is now under way to secure as much of the additional area play as reasonably possible. Spectrum has provided a funding agreement and cash advances for the leasing program as well as a three well drilling program to confirm and start production of the field. The next well is slated for late August 2001. More information will be provided at the conclusion of the additional leasing program. Spectrum will continue to identify and acquire rights in similar properties of size and potential utilizing its relationships and its proprietary data from the Stress Field Detector 2 (SFD SFD Single Family Dwelling SFD Sacramento Fire Department (California, USA) SFD Start of Frame Delimiter (networking) SFD Saudi Fund for Development SFD Seattle Fire Department 2). For more information, visit the company's Web site at: www.spectrumtechnologycorporation.com Forward-looking statements, if any, in this release are made pursuant to the "Safe Harbor" 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, competition, new products and technological changes, intellectual property rights and other risks. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion