NEW YORK, VANCOUVER, British Columbia and ZURICH, Switzerland, Jan. 27, 2004 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Ernest C. Schlotter, research analyst with InvesTrend Research Affiliate SISM Research will be initiating coverage of International PetroReal Oil Corporation (TSX Venture:IOC.v).
International PetroReal Oil Corporation, based in Vancouver, Canada, is actively pursuing an acquisition strategy of producing oil and gas near shore property located in the Gulf of Mexico, in Louisiana. International PetroReal Oil Corporation is also now in the process of completing debt-financing to acquire the West Bay Oil and Gas Field, a solid production property with strong cash flow in excess of $600,000 per month, long-life (15 years) and 17.8 BCF and 742.6 MBBLS reserves with a significant upside potential of probable reserves.
International PetroReal has accepted a debt-financing proposal for $12.5 million from Bank Whitney National Bank of New Orleans, Louisiana. The Company is also participating in an exploratory well with an 8% WI in the Intracoastal City Field prospect, located in Little White Lake, Vermilion Parish, Louisiana. On Jan 15, 2004, the Company announced that they had discovered gas reserves estimated at 15 BCF.
Further, International PetroReal Oil Corporation has a land holding of approximately 2,600 acres and a net 20.31% WI in the producing well known as Clovelly Field, located in the Parish of Lafourche in the state of Louisiana. Total recovery from the Clovelly Field is about 32 MMBBLS and 210 BCF since 1950 with estimated recoverable reserves of 883,000 BBLS and 883 MMCF (solution gas) for the primary target.
Schlotter said, "PetroReal is focusing on the purchase of revenue-producing properties; the funding for this property is coming from banking groups because of the property's underlying asset values and positive cash flow. The Company also has very promising ongoing drilling activities with the potential for significant reserve recoveries, something that would increase shareholder value substantially."
SISM Research, based in Zurich, Switzerland, is a private investment research firm offering high-quality, independent, fundamental research on public companies since 1995. SISM writes, publishes and distributes investment research coverage, in both English and German, on micro- to small-cap public companies trading on the OTC Bulletin Board, NASDAQ and AMEX. This coverage is geared toward institutional and individual investors in both North America and in German-speaking Europe, a market that represents more than 100 million people. SISM Research is a content provider to Thomson Financials OneAnalytics/FirstCall, to Multex, Datamonitor and InvesTrend. SISM Research is a member of the FIRST Research Consortium, an association of the world's leading independent fee-based equity research firms.
International PetroReal Oil Corporation paid SISM Research a retainer of $5,000, plus $1,750 per month over a two-year period solely to ensure independent coverage.