's Bulletin Board Post New Topic  New Poll  Post A Reply
my profile login | register | search | faq | forum home

  next oldest topic   next newest topic
»'s Bulletin Board » Hot Stocks Free for All ! » PTII NEWS!

 - UBBFriend: Email this page to someone!    
Author Topic: PTII NEWS!

Member Rated:
Icon 1 posted      Profile for jmac     Send New Private Message       Edit/Delete Post   Reply With Quote 
VANCOUVER, Oct. 11 /PRNewswire-FirstCall/ - Patch International Inc. (PTII:
OTCBB) is pleased to announce that it has entered into an agreement
to participate in a second drill program on an adjacent property to their
W5M McLeod oil well discovery (2-20) in the Edson area of Alberta, Canada.

The operator plans to spud a new well (10-20) at the McLeod project to test the
Middle Ellerslie and Basal Belly River zones encountered in the McLeod 2-20
well. The operator is very optimistic that the 10-20 well is anticipated to
encounter the optimum Middle Ellerslie beach reservoir and that it could also
extend the Basal Belly River channel reservoir from the 2-20 well.

The first McLeod well (2-20) flowed at a rate of approximately 200-300 barrels
of oil (38 degrees API) per day based on a 24-hour production test. The testing
showed outstanding oil recovery results with the last swab recoveries being 99%
oil and 1% water. The operator has informed PTII that full production from the
well is anticipated to begin in mid-October 2005.

David Stadnyk, PTII's President and Chief Executive Officer said, "We are very
pleased that the operator has elected to spud the second well this quickly as we
are focusing more and more at evaluating and selecting opportunistic domestic
asset acquisitions. Alberta is truly a world class oil region and it is where
PTII's oil expertise is stationed. We are very excited about the incredible
project opportunities in the region, particularly in the multi-billion dollar
Albertan oil sands."

The McLeod Project is a W5M- west of the fifth meridian property and PTII is
participating for a 10% working interest and a 6.0% net interest on
the successful first well and a 6.5% working interest to earn 6.5% on
all subsequent wells. The first well indicated that a commercial gas well
was anticipated from the key target zone- the Ellerslie zone- and that a
second key oil zone- the Basal Belly River zone- could be commercially viable
as well. The positive results from the Basel Belly River zone confirmed
the commercial oil well success and resulted in the decision to drill the
second well.


PTII is a junior oil and gas producer that currently earns oil revenue from 19
oil wells. These wells provide the company with both short-term and long-term
cash flow. This cash flow is expected to increase in the very near future when
the McLeod well is brought on line in mid-October. It is anticipated that these
wells will have a life of over 15 years. PTII has properties in North America,
and is exploring opportunities in North Africa, South America, and Ukraine. PTII
holds 11.2 million shares in Pharmaxis (Australian Stock Exchange: PXS, NASDAQ
NM: PXSL) of which 5.6 million have been declared as a dividend, and is one of
the largest shareholders with the Rothschild Group. PTII plans to use the
proceeds from this investment to build the company's oil and gas assets and just
as PTII's pioneering pharmaceutical efforts are coming to fruition, PTII
believes that the coming months will be a period of tremendous success for the
company's domestic and international oil and gas prospects.

Posts: 193 | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator

Quick Reply

HTML is not enabled.
UBB Code™ is enabled.

Instant Graemlins

Post New Topic  New Poll  Post A Reply Close Topic   Feature Topic   Move Topic   Delete Topic next oldest topic   next newest topic
 - Printer-friendly view of this topic
Hop To:

Contact Us | Message Board Home

© 1997 - 2018 All rights reserved.

Powered by Infopop Corporation
UBB.classic™ 6.7.2