CALGARY, Alberta, Canada, March 5, 2004 (PRIMEZONE) -- DMT Energy, Inc ("DMT" or the "Company") (Pink Sheets:DMTY) reports that the Acadia well tie-in and work over at Wainwright 1-6 are expected to be completed within the next 3 weeks.
Fred DaSilva, DMT President & CEO stated, "Due to increased activity levels and high demand for oil & gas services in Western Canada this season, our Acadia tie-in has been delayed another 2 to 3 weeks. Upon completion of the tie-in we will be able to accurately evaluate reserves and more importantly, this tie-in makes up part of our foundation enhancing shareholder value."
TransAction Oil & Gas Ventures Inc., the contract operator at Wainwright has received confirmation that a service rig will be on location at our 1-6 well within 2 weeks. The service rig will perforate the casing at the zone of interest and testing will commence shortly thereafter. The Company does not anticipate delays in tying in Wainwright 1-6 due to the fact that the re-entry is in a well-bore that has produced in excess of 100,000 barrels of oil to date with the required infrastructure already in place.
Fred DaSilva also added "Since our last press release in January, there have been a number of significantly positive corporate developments that will demonstrate management's commitment to increasing cash flow and enhancing shareholder value through exploration and development. We expect to be releasing information relating to these developments in the very near future."
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 Private Securities Litigation Reform 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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