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DALECO RESOURCES SUBSIDIARY BEGINS DRILLING TEXAS WELL

 LOS ANGELES, Oct. 27 /PRNewswire/ -- Daleco Resources Corporation (NASDAQ: DLOVF; Vancouver: DLO) announced today that its wholly owned subsidiary, Westlands Resources Corporation, has commenced drilling its eighth horizontal oil well in the Caldwell-Giddings Field, located in the Bluford Brooks Survey A-274, Burleson County, Texas, and designated as DRC VI No. 1 well.
 The well will be drilled to a total measured depth of approximately 10,300 feet, including a horizontal displacement of approximately 2,300 feet. This location is surrounded by highly successful horizontal wells. The company will own approximately 40 percent of the working interest in this well at no cost to itself. Projected net income to the company, based on the performance of surrounding wells, is estimated at approximately $90,000 per month.
 The company owns several additional proven drill-sites in the same area, as well as a number of existing vertical wells located in Burleson County, suitable for re-entry horizontal drilling. The company intends to aggressively continue its horizontal drilling activities in its Texas holdings and pursue development of the Pickens Field, Mississippi, as well as the acquisition of attractive producing oil and gas properties.
 Daleco Resources Corporation is an independent natural resources company conducting oil and gas exploration and development activities in the Texas Upper Gulf area and Mississippi.
 -0- 10/27/93
 /NOTE TO EDITORS: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release./
 /CONTACT: Dov Amir, 310-282-9999, or Michelle Sotnikow of Howard Bronson & Company, 212-867-6160/
 (DLOVF)


CO: Daleco Resources Corporation; Westlands Resources Corporation ST: California, Texas IN: OIL SU:

CK-RW -- NY064 -- 7293 10/27/93 12:28 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
Words:279
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