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GARNET ACQUIRES SULFUR PROSPECT AND SETS TESTING SCHEDULE FOR COLOMBIA WELL

GARNET ACQUIRES SULFUR PROSPECT AND SETS TESTING SCHEDULE FOR COLOMBIA WELL
 HOUSTON, June 15 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ: GARN) reported today that it had acquired a sulfur prospect and that a schedule has been established for testing its Victoria No. 1 exploratory well in the Putumayo region of Colombia.
 The company reported that it has acquired an option to lease 3,015 acres covering a sulfur prospect in northwestern Nevada. Although the venture is a deviation from its primary business of exploring in foreign areas, the company stated that it is in keeping with its policy of searching for prospects with high return potential, which also involve high risk. Garnet will drill five exploratory wells on the prospect in June and July, and will retain a 51.25 percent interest in the prospect.
 The company also said it has agreed with its partners, including the Colombian national oil company Ecopetrol, to delay testing of four prospective oil sands in its Victoria No. 1 well. The delay allows Garnet to commence immediate movement of the drill rig from Victoria No. 1 to the Mary No. 2 location and begin drilling this delineation well prior to July 27, thereby fulfilling its contractual commitment to Ecopetrol. A two to three month delay in the testing will also allow the company to put into operation a barge ferry crossing over the Caqueta River. It will then be possible to move a completion unit across the river to test the Victoria No. 1 at a savings of $300,000 to $500,000 in testing costs and as much as $1 million for each future well since it would not need expensive helicopters to move the drilling and related equipment.
 Garnet is engaged primarily in international oil and gas exploration activities. Its exploration and production operations in Colombia are conducted through its subsidiary, Argosy Energy International.
 -0- 06/15/92
 CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both of Garnet Resources
 (GARN) CO: GARNET RESOURCES CORPORATION IN: OIL ST: TX -- NY004 -- X346 06/15/92
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 15, 1992
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