CALGARY, Alberta, Dec. 12, 2003 (PRIMEZONE) -- DMT Energy, Inc ("DMT" or the "Company") (Pink Sheets:DMTY) is pleased to announce that it has signed an agreement with TransAction Oil & Gas Ventures Inc. ("TransAction" or the "Operator") to act as operator on the 1-6 T45 R4 W4M and 9-6 T45 R4 W4M well re-entry program located in Wainwright, Alberta.
Fred DaSilva, DMT President & CEO, stated, "We are pleased to be working with Eastland Exploration JV, our partner in this project, and with TransAction. This project is of great interest to us in that the re-entry is in a well-bore that has produced in excess of 100,000 barrels of oil to date, and the well logs are indicating good porosity and gas showings in our target zones, the Lower Cretaceous Rex and Colony zones uphole."
As per our agreement with TransAction, the re-entries are scheduled to commence within the next 2 weeks. The 1-6 well will require the use of a service rig to perforate the casing at the zone of interest and testing will commence shortly thereafter. The 9-6 rework will be determined after a successful completion of the 1-6 well.
DMT will pay 71.07% of re-completion costs in the two wells to earn a 42.14% interest before payout and a 21.07% Working Interest after payout. Estimated costs are in the order of $150,000 and payout is expected within 4-6 months after initial production.
For further information please contact Fred DaSilva, President & CEO at 403-264-7869 or Giuliano Tamburrino, CFO at 403-297-9238.
Certain information and statements included in this news release constitute "forward-looking" statements within the meaning of the Federal private Securities Act of 1995. Such forward-looking statements include known and unknown risks, uncertainties and other factors, which may cause the results, performance, or achievements of the Company to be materially different from any further results, performances, or achievements expressed or implied in such forward-looking statements.
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