VPE 0.00% 41.5¢ victoria petroleum nl


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    SAN ANTONIO STILL A CHANCE FOR VPE, see selected parts of the Denstone release below:

    Denstone Ventures Ltd. Quick Quote: V.DST 0.05 (Even)

    DENSTONE VENTURES LTD - Management Discussion
    19/7/02 10:26:00 AM

    Vancouver, BC, Jul 19, 2002 (Market News Publishing via COMTEX) --
    Management Discussion and Analysis


    With the objective of attaining near term cash flow, the Company entered into select oil and gas transactions, and currently owns a 2.5% working interest in the San Antonio oil and gas prospect in California. The San Antonio project operator is currently finalizing a completion plan for the Anvil Bar 75-26 well which was successfully drilled to 9,925 feet.

    Management expects several zones of interest to be tested. These include the lower portion of the Vaqueros sands from 9,595 feet to bottom. This 330-foot section is an analog to intervals that produced 500 barrels per day of 38 degree oil cutting 20% water, with gas flaring in 1983. A zone consisting of 400 feet of highly charged Monterey shale from 8,600 to 9,000 feet will also be tested. Based on correlations with nearby wells and mud log data, the well bore crossed through a thrust fault zone that could yield hydrocarbons at a significant rate. Another attractive interval is a Monterey shale section from 6,100 to 7,000 feet that has an abundance of fractures and exhibits excellent oil and gas shows. This 900 foot thick zone is classic in its analogy to other Monterey shale producing intervals, especially the 500 million barrel San Ardo field, located to the north east of the prospect.

    The project operator has also finalized negotiations on pipeline and storage facilities at San Ardo. The existing pipeline lies 500 feet from the well location, facilitating simple and low cost hook up pending commercial production.

    The Company currently requires additional financing to fund its ongoing operations and commitments, and to enable the Company to pursue additional opportunities. In order to facilitate such financing, management is considering a share consolidation so as to make the Company more attractive to potential investors and therefore assist the Company in raising equity financing thereafter. Accordingly, at the Company's Annual General Meeting to be held August 29, 2002, shareholders will be asked to consider, and if thought fit, to approve special resolutions consolidating the Company's shares on a four-for-one basis, changing the name of the Company and subsequently increasing the authorized share capital.

    Tel: (604) 688-4880 Denstone Ventures Ltd.
    Fax: (604) 684-0642
    Email: [email protected]
    Website: www.denstone.com




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Currently unlisted public company.

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