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Causeway Energy has been in existence for the last 20 years DBA Ohio Resources, the present management, Don Foulkes (Pres.), Jim Reid (CFO) Tel: 403-262-8833 took it over in 1995 with 29bpde and a 1 million Canadian dollar loan, which they paid back in a year. The name change is to give the company a new look, since it no longer has any resemblance to the old Ohio Resources with 29bpde production.
....1999 ENDS DEC.31,1999 1,100.ESTIMATED AVER.PRODUCTION...... ..................CASHFLOW/SHARE .25-.35 EST........................
*Current Production 800 boe/d 75% Gas. Fiscal year just changed from July 31 to Dec.31
June 24,1998 took down 2.8 Million Canadian Dollar Loan to purchase Montana Property with production. Is being paid back in 3.5 years through cash flow from acquired Property. Purchase of Catalina delayed listing application to Toronto exchange, will probably be complete in Feb.'99.
They're progressing nicely at Turin with their subsidiary Catalina, they tied up an additional 5,000 acres and will be drilling 5 additional wells in the next 2 months, 3D seismic being started in 2 weeks
They own a 38% interest in the Palau project and have spoken to 10 majors
Monday November 23, 10:11 am Eastern Time
Company Press Release
Causeway Energy (Formerly Ohio Resources) Updates Geochemical Study
CALGARY, ALBERTA--Causeway Energy Corporation (VSE-CUW: formerly Ohio Resources Corporation and partners had commissioned Geo-Microbal Technologies (GMT) of Ochelata, Oklahoma, to conduct a Geochemical study of Causeway's offshore exploration concession , located at Kayangel State, Palau. The study is part of Causeway's ongoing exploration program on the 1.12 million acres concession, which to date includes the acquisition of 320 kilometers of marine seismic data defining five exploration prospects. These prospects have potential of up to 180 MMBbls recoverable reserves from Miocene aged reef buildups. Producing analogies are found in the Kasim and Walio fields of Irian Jaya. Results of the Geochemical study are highly encouraging and indicate strong evidence of thermogenic hydrocarbons in the exploration area, consistent with generation and migration of light oil or condensate. The study results independently confirm, and greatly expand upon an earlier Geochemical study undertaken by Texas A&M University in 1987. During July, field work and data collection were undertaken in the Kayangel to Velasco Bank Prospect areas of the Palau concession. Four independent Geochemical sampling methods were utilized for the Palau survey to provide a balanced data base. Analysis and interpretation of the data has recently been
completed by GMT, Causeway and a third independent Geochemical consultant. Within the context of the report, Causeway is encouraged by the following:
1.) The adsorbed soil gas data from seafloor sediments and the dissolved light hydrocarbon data in the water samples both show hydrocarbon concentrations significantly above normal marine environmental levels and comparable with levels in petroleum bearing basins. Microbial data, sediment headspace gases, chromatographic and fluorescence data, while less definitive, provide additional positive support.
2.) The presence of elevated levels of propane and n-butane (wet gases) is indicative of the generation and migration of thermogenic hydrocarbons rather than biogenic derived sources.
3.) Based on a worldwide data base provided through GMT, the anomalous hydrocarbon concentrations within the sediment and water samples of the Ngaruang1 Lagoon geochem anomaly are interpreted to be characteristic of seepage from mature oil source rocks.
A sediment core sample from the Velasco Bank Prospect area exhibited a fluorescence signature indicating anomalous aromatic hydrocarbons consistent with light oil or condensate microseepage.
Geochemical exploration methods are an accepted industry tool utilized by major exploration companies worldwide. Properly conducted and analyzed, they are instrumental in the identification and diagnosis of potential petroleum accumulations, particularly in virgin basin analysis. Geo-Microbial Technologies Inc. is a well known and reputable Geochemical consulting company providing worldwide consulting services to many clients, including major
exploration companies. Its principals have numerous industry references, papers and publications to their credit.
Causeway is highly encouraged by the results of the Geochemical study and will continue the Palau program with the drilling of an exploration well scheduled for 1999.
Causeway currently trades on the Vancouver Stock Exchange (VSE-CUW). It was previously listed as Ohio Resources Corporation (VSE-OHO). Causeway plans to apply for a listing on the Toronto Stock Exchange in early 1999.
Certain statements, including statements regarding future drilling and potential reserves and other information included herein constitute ''forward-looking statements'' within the meaning of applicable laws or regulatory policies. Such forward-looking state-ments involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements described herein to be materially different from any future results,performances or achievements expressed or implied by such forward looking statements. Known risks regarding future drilling and potential reserves include, but are not limited to, either, rig availability permitting and finances.
Many More Pleasant Surprises,
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