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NEW OIL SHOWS CONFIRM PRESENCE OF OIL DEEP BENEATH PICO ANTICLINE

 NEW OIL SHOWS CONFIRM PRESENCE OF OIL DEEP BENEATH PICO ANTICLINE
 LOS ANGELES, May 5 /PRNewswire/ -- Riva Petroleum (Vancouver: RVA) reported to its investors that a new stained zone has been encountered in fine- to medium-grained sandstones of the Topenga Formation near the current bottom of the well. Oil standing in samples, with associated hydrocarbon indications in the drilling mud, has been encountered from 12,960 to 13,005 feet and from 13,055 feet to the bottom of the hole. The equivalent zones in the original wellbore (drilled by Celeron/Chevron but abandoned prior to proper testing of the area's primary reservoir potential) were not oil stained. These new oil shows are in addition to earlier oil shows beginning at 11,850 feet which first confirmed both the presence of oil deep beneath the Pico Anticline and the structural interpretation of the subsurface geology. More than 500 feet (36 percent) of the section penetrated since these first oil indications has been oil stained.
 The oil zones encountered at the bottom of the hole are particularly noteworthy, in the opinion of the company, as they demonstrate the effects of the greater amount of closure encountered as the well cuts across the structure. The directional drilling is targeted to insure that the wellbore is close to the axial plane of the structure when it encounters the Sespe Formation, the primary objective of the drilling operation. This formation, which accounts for more than 500 million of the 2,000 million barrels of recoverable oil already discovered in the Ventura Basin ranges in thickness up to an incredible 7,000 feet with about 50 percent of this capable of reservoir caliber.
 The Pico Anticline Project in Los Angeles County is currently drilling at a depth of 13,255 feet. This prospect, which began in October 1991, has enormous ramifications for the enhancement of Riva's oil and gas reserves. The site is at the eastern end of the Ventura Basin, within close proximity to two supergiant fields that have reserves of more than 1 billion barrels of oil.
 Riva Petroleum Inc. participates for a 30 percent working interest in the Pico Anticline Project.
 Riva also announces, in conjunction with other participants in the Pico Anticline Project, the balance of the drilling phase AFE, due on May 4, 1992 has been fully funded.
 -0- 5/5/92
 /EDITOR'S NOTE: The Vancouver Stock Exchange has neither approved nor disapproved of the contents herein.
 /CONTACT: Riva Petroleum Inc., 800-667-1660 (investors); or Cottrell and Lindeman, 213-936-6677 (media), for Riva Petroleum/
 (RVA.) CO: Riva Petroleum ST: California IN: OIL SU:


EH-JL -- LA018 -- 6389 05/05/92 09:08 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:440
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