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Patch provides current activities update PR Newswire - August 26, 2005 13:20
VANCOUVER, Aug 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- Patch International Inc. (PTII: OTCBB) is extremely pleased to report that it has been informed by the operator that the W5M Mcleod well is now scheduled to be fraced on Sunday August 28, 2005. This well was originally scheduled to be fraced several weeks earlier, however unexpected delays occurred that were out of PTII's control.
PTII is also pleased to report that the clinical trials that are currently being conducted for the treatment of cystic fibrosis are proceeding ahead of schedule and the results from these landmark clinical trials are now expected next week.
David Stadnyk, President of PTII said, "These are two highly important events in the progression of PTII. The operator at the Mcleod well remains very confident of a commercial well from the property and if the operator moves to complete the well the resulting impact to PTII's cash flow will be extremely positive. We have enjoyed a phenomenal growth rate from our share ownership in our pharmaceutical investment and we would expect that the value of our investment to receive a significant boost from successful clinical results next week."
ABOUT PATCH INTERNATIONAL
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. 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 (PXS: Australian Stock Exchange) of which 5.6 million have been declared as a dividend, and is largest shareholder behind the Rothschild Group. PAII 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. For further information visit our corporate website at www.patchenergy.com.
If you are not currently on the PTII updates list please send in your email to info@patchenergy.com or call 1 888 864 7372 with the best way to keep you informed. We will send out regular updates and news releases to everyone who asks to be on the list.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Patch International Inc. may differ materially from these statements due to a number of factors. Patch International Inc. assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before you make investment decision
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