CALGARY, Alberta, Canada, Dec. 15, 2003 (PRIMEZONE) -- DMT Energy, Inc ("DMT" or the "Company") (Pink Sheets:DMTY) announces it has acquired a 75% interest in one section (640 acres) (the "Lands") at West Ricinus in the Alberta Crown Land Sale held on December 11, 2003. The Lands are adjacent to the giant West Ricinus Field northwest of Calgary made famous by Banff Oils et al and developed by Exxon, Mobil, Shell, Husky, and British Petroleum having produced trillions of cubic feet of gas.
The subject Lands are located 5 miles northwest and along strike with the Ricinus West Leduc pool (discovered by Banff Oils et al in the late 1960's). Several wells in this pool have attained cumulative production in the order of 200 to 300 Billion Cubic Feet per well.
The Company is currently evaluating available trade seismic data in order to further evaluate the potential and develop plans for these Lands and the surrounding area. Additional information will be posted on the DMT website at: www.dmtenergyinc.com.
DMT President & CEO Fred Da Silva stated: "We are extremely pleased to have gained a position in such a significant gas-prone area where nearby lands have previously been acquired for several hundred thousand dollars per section. We look upon Ricinus as an opportunity to participate in a major field. Most of the production in the area is operated by very large companies such as: Exxon, Mobil, Shell, Husky, and British Petroleum. Historically, the area has been quite competitive, and we were delighted to have acquired this section during such a strong gas market."
Fred Da Silva, DMT President & CEO also stated: "Since November 2003, DMT has been actively evaluating the Alberta Crown Land Postings throughout the Province based on proprietary technology and information belonging to the Company's Vice President of Exploration, Mr. Don W. Hryhor."
DMT has entered numerous bids based on this information during the past few Alberta Crown Land Sales in attempts to accumulate attractive acreage to set a foundation for the Company's future growth.
DMT will continue to compete in upcoming Land Sales on a regular basis. The Company will begin actively nominating parcels into the Alberta Crown Sales and will attempt to acquire Freehold Lands on prospects identified by Mr. Hryhor's technology.
In addition the Company has accelerated its pursuit of certain prolific, shallow-medium depth prospects in the continental United States, which Mr. Hryhor identified and had previously conducted significant geological studies upon. The company expects to provide a report on its progress of securing the first of these prospects in the coming days.
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 Federal private Securities 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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