Mr. Mike England stated, "We are extremely encouraged by the results we have encountered to date on the program. Reports from the field late Monday March 22nd reported that the logging on Hole No. 1 (Sydney 2-33) and now Hole No. 2 is complete. Electricity is in place now and production testing on both wells will commence forthwith.
Due to the success of the program thus far United Bolero has elected to participate in a third well. Mobilizing of the drill rig for Hole No. 3 is expected to occur within the next 7-10 days.
Located on the western flank of the Powder River basin, known as the Smokey Gap field, Bolero has obtained an option to drill five wells that are currently permitted and are located within a currently producing oil field. Bolero will earn a 50-per-cent working interest in each well by spending $50,000 (U.S.) per well.
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