Cybertel Capital's Core Energy to Capitalize on Timing
via COMTEXJune 3, 2004
VISTA, Calif., Jun 3, 2004 /PRNewswire-FirstCall via COMTEX/ --
Cybertel Capital Corporation (OTC Bulletin Board: CYTL) announced today that Core Energy, a unit of Cybertel Capital, reported that one of its small, yet significant oil properties, in Kern county California has greater than expected remaining reserves.
We have determined through geologic evaluation, only a limited amount of the original oil in place has been recovered to date. It is our strong intention to aggressively develop this asset to maximum potential. Geological reserve reports show that the property has 128,000 proven undeveloped reserves (PUD). The spot market for oil closed at $41.50 per barrel on June 1, 2004.
The origins of the Lease date back to the 1940's when it was first drilled. At one period in time, the lease was controlled by an oil trust assembled by business managers for Fred Mac Murray and Red Skelton.
Some of the techniques used by Core for enhanced oil recovery are Steam injection and infill well re-drills.
About Cybertel
Cybertel is a fully integrated telecommunications service provider that supplies a wide range of telecommunications services. The company offers highly competitive rates to its residential customers on long-distance, personal 1-800 numbers, and calling cards. For businesses, Cybertel offers a wide variety of value-added services. The company is generating a new business plan that encompasses acquiring and developing companies in preparation for going public.
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