SARASOTA, Fla., Oct. 19, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Silver Star Energy, Inc. (OTCBB:SVSE), Looksmart Ltd. (Nasdaq:LOOK), 24/7 Real Media Inc. (Nasdaq:TFSM) and Viewpoint Corporation (Nasdaq:VWPT).
Oil and natural gas exploration and development company Silver Star Energy, Inc. (OTCBB:SVSE) announced Monday evening that it has added an additional oil well to the Joarcam development plan, drilling program and schedule. The company said that, "With West Edmonton Light oil prices soaring, Silver Star is poised to take advantage of these near record prices at Joarcam."
Silver Star said the project is a low risk development property with oil at a shallow depth, and with a short payback period and long life reserves in the "Viking C' pool adjacent to the largest Viking hydrocarbon accumulation in Alberta, Canada, the established Joarcam Viking pool.
Silver Star said that the operator of the Joarcam project, Transaction Oil and Gas Ventures, has engineered three new drilling locations. designated "13-22", "5-27" and "5-22". The "5-27" location is 1/4 mile north of the producing "4-27" well, offset to the northwest by a recently drilled producing well, and 1/2 mile south of a new producing well drilled by a neighboring oil company into the same reservoir. The new well is reported to be producing between 60-65 barrels per day of top quality light crude. The three wells now planned for Joarcam, with the addition of the "5-22" location, are part of an overall development strategy that could see up to 16 well locations ultimately be drilled. Silver Star said that, with success at Joarcam, it is anticipated that the field could produce 500 barrels of oil per day if fully developed.
Silver Star added that it is advancing to Transaction the required funds to complete site preparations prior to drilling, and that spudding of the first well is anticipated by the end of October.
Shares of SVSE closed Monday at 84 cents.
Other stocks showing interesting activity on Monday were;
Looksmart Ltd. (Nasdaq:LOOK)
After the closing bell Monday, Internet search engine Looksmart Ltd. announced that it has appointed David Hills as its Chief Executive Officer, effective October 25,2004. The company stated that Hills will succeed Damian Smith, who has served as interim CEO since January 2004. Looksmart added that Hills formerly served as president of media solutions for advertising services company 24/7 Real Media Inc. (Nasdaq:TFSM). Hills joined the company in August 2003, and was responsible for the company's domestic media operations.
Shares of LOOK closed Monday's regular trading session at $1.48. TFSM ended the session at $3.49.
Viewpoint Corporation (Nasdaq:VWPT), announced Monday it has scheduled a conference call and live Web cast to be held on Wednesday, November 10, 2004 to discuss the Company's financial results for the third quarter 2004. Viewpoint announced it had reached "Toolbar Milestone" of more than 5,000,000 installed.
Shares of VWPT closed Monday's regular trading session at $2.81 up 0.42 (17.57%).
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