CALGARY, Alberta, Canada, Dec. 4, 2003 (PRIMEZONE) -- DMT Energy, Inc. ("DMT" or the "Company") (Pink Sheets:DMTY) has drilled its first well at Acadia, Alberta, Canada and struck gas. Initial reports indicate presence of gas and porosity in multiple zones, which will be confirmed by testing in the coming days.
Fred DaSilva, DMT CEO, announced, "We are optimistic about our initial success in the Acadia prospect. We believe that we will have the potential for a significant well that will help us move forward faster than expected on our other joint venture projects. With the attractive prospects that we have obtained and our partnership with notable Canadian explorationists, combined with our business management team, we are extremely confident in our future and success."
"We expect to issue further progress reports of our results in the Acadia well once the information becomes available." continued DaSilva.
For its participation, DMT pays 50% of drilling and completion costs to earn a 37.5% Working Interest. Acadia is a shallow depth Cretaceous gas prospect targeted primarily at the Viking/Bow Island formation; seismic and well logs also indicate the possibility of hydrocarbon traps in the slightly deeper Cretaceous Lower Mannville Group. Total costs for DMT's participation are estimated to be in the order of $140,000 and payout is expected within 4-6 months from drilling and completion.
DMT Energy Inc. was incorporated in August 2003 to appraise, acquire, explore and develop strategic Western Canadian oil and gas exploitation opportunities based on proprietary geological, geophysical and production data evaluation technology available to the Company by it's VP Exploration, Don W. Hryhor.
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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