TIDE WEST OIL COMPANY ANNOUNCES WELL ABANDONMENT
TIDE WEST OIL COMPANY ANNOUNCES WELL ABANDONMENT HOLDENVILLE, Okla., Jan. 2 /PRNewswire/ -- Tide West Oil Company
(NASDAQ: TIDE) announced today that the Stevens No. 1 well, drilled to a depth of approximately 14,000 feet in the Arkoma Basin of south-eastern Oklahoma, will be plugged and abandoned. The company owns a 35 percent working interest in the well. President Douglas J. Flint said the company, which utilizes the "successful efforts" accounting method, expects to record dry hole expenses related to the well of approximately $400,000 after taxes in the company's fourth quarter ending Feb. 29, 1992. Flint said the Stevens was a one well prospect and the results have no geological impact on the company's additional leaseholdings in the Arkoma Basin.
Additionally, Tide West announced that it has completed the construction of a natural gas gathering system in the Anadarko Basin of central Oklahoma and is connecting three wells to the system today, with natural gas sales to begin tomorrow, Jan. 3. President Flint said aggregate initial production from the three wells -- the Surber, Rondie and Burl -- will be approximately three million cubic feet per day. Tide West owns an approximate 50 percent working interest in the wells and the 4,500-acre lease block. Flint said the company plans to drill up to eight additional locations on the North Chickasha prospect. -0- 1/2/92 /CONTACT: Douglas J. Flint, president of Tide West Oil Company, 405-379-5417, or Larry Howell of Howell Communications, 214-340-9994, for Tide West Oil/ (TIDE) CO: Tide West Oil Company ST: Oklahoma IN: OIL SU: SM -- NY044 -- 6189 01/02/92 13:27 EST
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|Date:||Jan 2, 1992|
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