More Asset buildingHow is this for increasing assets. Production has to start soon. It is nice of company just to tell us of all this oil in the ground. Maybe within a month they will tell others.
Looking very good. From earlier press releases the objective is to pump 6000 barrel per day.
As we wait patiently,
Wally7
Tearlach acquires two oil leases at Kern Front
Tearlach Resources Ltd (C:TEA)
Shares Issued 29,290,885
Last Close 3/15/2007 $0.40
Thursday March 15 2007 - News Release
Mr. Malcolm Fraser reports
TEARLACH ANNOUNCES NEW PROPERTY ACQUISITION IN THE KERN FRONT OIL FIELD
Tearlach Resources Ltd. has acquired two oil leases totalling 90 acres of former oil-producing property located in the Kern Front oil field at Bakersfield, Calif.
A memorandum of understanding (MOU) has been entered into between the company and Oil & Gas Technology Services Inc. of Encino, Calif., for the acquisition of a 60-per-cent ownership in two additional parcels of approximately 45 acres, each contiguous to the portions of the Kern Front oil field in which the company recently acquired a 60-per-cent ownership interest.
Consideration for the acquisition will comprise 1.4 million fully paid and non-assessable common shares of the company at a nominal value of 80 cents per share. The MOU is subject to approval of the TSX Venture Exchange.
The two parcels lie between two portions of the Bakersfield property previously acquired and contain 15 capped, completed and connected wells, as well as steam and flow lines and a tank farm/oil processing facility. Historical reserves of 2.1 million and 2.3 million barrels of oil in place and historic production from the two properties is believed to total 390,000 barrels of oil suggesting that both properties are in primary production stage.
© 2007 Canjex Publishing Ltd.