VPE 0.00% 41.5¢ victoria petroleum nl

what will it take for vpe to move

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    Take a read and make a comment. Can`t believe the price of VPE today!!!!!!!

    Denstone Ventures Ltd. Quick Quote: V.DST (no quote)

    Production Testing of the Anvil Bar 75 26 Well Underway
    28/5/02 9:43:00 AM

    DENSTONE VENTURES LTD. ("DST-V") - Production Testing of the Anvil Bar 75-26 Well Underway
    Denstone Ventures Ltd. reports that the completion phase of the Anvil Bar 75-26 well, located in Monterrey County California is ongoing. After release of the drilling rig, a production rig has been erected on site to begin a slotted-liner, open hole production test of the 9,925 foot well. Testing will initially focus on the lower portion of the Vaqueros sands from 9,595 feet to bottom. The 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.

    In addition, two other zones of high interest are present and will be tested, including over 400 feet of highly charged Monterrey shale from 8,600 to 9,000 feet. 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 Monterrey 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 Monterrey shale producing intervals, especially the 500 million barrel San Ardo field, located to the north east of the prospect.

    The operator of the San Antonio project has 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 anticipates the production testing to be ongoing over the next two weeks. Further details will be released when available.

    In order to meet the Company's ongoing cash calls, a farm out agreement for a 2.5 % working interest has been negotiated and completed with a U.S. company. Denstone has received a payment of U.S. $30,000 which enabled Denstone to meet its cash call for well completion. The Company does not anticipate any further reduction of its interest in the Anvil Bar 75-26 well and expects to be able to meet all further cash calls. TEL: (604) 688-4880 Robert McIntosh, President FAX: (604) 684-0642 Web site: www.denstone.com



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