Three (3) Wells to Be Drilled on International TME Resources Inc. ORRI in South Australia on PEL's 112 & 108.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 to report that an agreement has been signed with Holloman Corporation for the oil & gas exploration of PEL's 112 & 108, located in South Australia South Australia, state (1991 pop. 1,236,623), 380,070 sq mi (984,381 sq km), S central Australia. It is bounded on the S by the Indian Ocean. Kangaroo Island and many smaller islands off the south coast are included in the state. in the prolific Cooper/Eromanga Basin on TME's ORRI ORRI Overriding Royalty Interest ORRI Orthorectified Radar Image ORRI Orlando Regional Rehabilitation Institute (Orlando, FL) . PEL's 112 & 108 cover approximately 1,325,715 gross acres. Holloman Corp. has agreed to drill three wells in exchange for a 66.667% Working Interest. Attempts are being made to possibly drill the first two wells on PEL 112 by Nov./Dec. of this year, subject to rig availability. PEL's 112 & 108 have never been drilled on. The WI partners have just completed a new seismic survey on the areas at a cost of approximately $1,100,000 and have identified their targets. 86% Success Rate The operators on the adjoining blocks to the North and to the East of TME's PEL 112 have scheduled for 12 wells to be drilled this year. So far, six out of seven wells drilled have been successful. The latest successful well adjoining TME's ORRI under PEL 112 is the Sellicks-3. The Sellicks-3 encountered two zones of oil shows in the lowermost sand of the Patchawarra Formation. DST (1) (DeSTination) Contrast with SRC, which is an abbreviation of "source." (2) (Digital Signal Trust Company, Salt Lake City, UT, www.digsigtrust.com) An organization that sets up and manages PKI systems for companies and industry groups. #2 recovered approximately 1,365 bopd in the upper zone. The current production on the adjoining area to the north of TME's ORRI under PEL 112 is averaging approximately $33,000,000 a year. The current production on the adjoining area to the east of TME's ORRI under PEL 112 is averaging approximately $75,000,000 a year. About TME: The company has royalty interests 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 more than 4,651,695 acres located in two world-class petroleum basins in Australia, the Cooper-Eromanga Basin and the Gippsland Basin. Substantial holdings have been acquired in two world-class petroleum basins. The Cooper-Eromanga Basin (Onshore) located in the state of South Australia and the Gippsland Basin (Offshore) located in the Bass Straits and offshore to the State of Victoria. Offshore The Company has acquired royalty holdings in 370,572 acres in the Gippsland Basin. This Basin contains some of the largest fields in the world and wells that are world record Producers. One well in the Halibut halibut: see flatfish. halibut Any of various flatfishes, especially the Atlantic and Pacific halibuts (genus Hippoglossus, family Pleuronectidae), both of which have eyes and colour on the right side. Field has produced 60 million bbls. of oil -- a world record. Many TCF See Trenton Computer Festival. of natural gas have been produced from fields in this Basin. Onshore The Company has acquired royalty and working interest holdings in 4,281,123 acres in the Cooper-Eromanga Basin. To date, this Basin has produced a total of 11 Trillion cubic feet of natural gas and 450 million barrels of oil have been discovered. Since the first gas discovery in 1963, a total of 123 gas fields and 58 oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. have been discovered. Texas ITME has entered into a joint venture to develop a heavy oil and natural gas project in southwest Texas. A total of 15,000 acres, more or less have been acquired in the prospect MEGA WEST AREA. Multiple Marble Falls Reefs have been mapped at a depth of 4,200 feet and a well is planned to be drilled to offset a mapped high to two old gas wells that produced .25 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter per well. Cores will be taken in the Trinity Oil Sands at a depth of 1,000+,- feet over an interval of more than 70 feet. These cores will provide an update to previous old cores which verified the existence of the Trinity Oil Sand oil saturation. 65% oil saturation, 30% porosity and thousands of millidarcys of permeability were measured. ITME will earn a carried 30% net profits interest in the project and will manage the operation. The company's consulting geologist projects a multi-million barrel recoverable potential for the project. For the Board Allen White, President International TME Resources Inc. 6370 L.B.J. FRWY FRWY Free Way . Suite 174 Dallas, TX 75240 972-458-7013 Symbol: ITME Web: www.tmeresources.com Note: This document contains forward-looking statements within the meaning of Section 21 E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ for reasons that include but are not limited to political and economic conditions in the countries in which the Company does or intends to do business, regulatory action, product pricing, change in drilling schedules and competitive market conditions. These forward-looking statements represent the Company's best judgment at the date of this document and any changes in assumptions or external factors could produce significantly different results. |
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