SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 13, 1997
PEASE OIL AND GAS COMPANY
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(Exact name of registrant as specified in its charter)
Nevada 0-6580 84-0285520
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
751 Horizon Court, Suite 203, Grand Junction, Colorado 81506-8718
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(Address of principal executive offices) (Zip Code)
Registrant telephone number including area code: (970) 245-5917
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Item 5. OTHER EVENTS.
The Registrant announced on June 19, 1997 that an oil and gas well in which
the Registrant holds a 10% working interest and an additional 7.1825% after
prospect payout working interest had been successfully tested and completed and
will begin production immediately. The well, designated as the Schwing #2, was
completed in two productive zones which had not been tested in the Schwing #1
well, completed earlier this year. The new well tested at a rate of 912 barrels
of oil and 1.0 million cubic feet of natural gas per day from one zone and 575
barrels of oil and 1.2 million cubic feet of natural gas from the second zone.
The completion of the Schwing #2 well in the two productive zones extends the
proved area of production in the field.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
The following exhibits are filed as a part of this report.
(a) Exhibits.
Exhibit 99 Press Release dated June 19, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 20, 1997
PEASE OIL AND GAS COMPANY
By /s/ Willard H. Pease, Jr.
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Willard H. Pease, Jr., President
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EXHIBIT INDEX
Exhibit Description Page No.
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99 Press Release dated June 19, 1997 5
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PEASE OIL AND GAS COMPANY
PEASE OIL AND GAS COMPANY ANNOUNCES RESULTS
OF SUCCESSFUL WELL AT EAST BAYOU SORREL
Schwing #2 well tested at rate of 1437 Barrels
of Oil and 2.2 Million Cubic Feet of
Natural Gas per Day
FOR IMMEDIATE RELEASE - June 19,1997
Grand Junction, Colorado - June 19, 1997 - Pease Oil and Gas Company (NASDAQ:
WPOG)announced today that the Schwing #2 was successfully drilled and dually
completed at its East Bayou Sorrel Field in Therville Parish, Louisiana.
The Schwing #2 has approximately 74 feet of net pay in 9 potentially productive
zones m the 13,480 foot well bore. Completions were made in the Cib hazz 2 sand
and Marg. howeii 1, 2 and 3 sands. Individually, the Cib hazz 2 completion flow
tested at a rate of 912 barrels of oil and 1.0 million cubic feet of natural gas
per day on 8/64 choke at 6800 psi flowing pressure and the three Marg. howeii
sands tested at the rate of 575 barrels of oil and 1.2 million cubic feet of
natural gas per day on a 9/64 choke at 6900 psi flowing pressure. This well is
being immediately connected to the recently constructed East Bayou Sorrel
production facilities and will be added to the 1,400 barrels of oil and 1.4
million cubic feet of natural gas per day being produced from the Schwing #1
discovery well. It is expected that the Schwing #2 will be produced at rates in
excess of the above test rates.
The dual completion involves perforations in 28 feet of net pay in the Cib hazz
2 and 27 feet of net pay in the Marg. howeii sections. These sections were not
previously booked as proved reserves. Each of these sands are also present and
appear productive in the Schwing #1 discovery well which was put on production
at the beginning of the year. The Schwing #2 is structurally down dip from the
Schwing #1 and the successful completion of the Cib hazz 2 and Marg(pound)
howeii zones are new field discoveries and increases the proved area of both
these reservoirs.
National Energy Group, Inc. of Dallas, Texas is the operator of the East Bayou
Sorrel Field. Pease Oil and Gas Company owns 10% of the working interest and an
additional 7.1825% after prospect payout working interest in this field. Fortune
Petroleum Corporation of Houston, Texas is also a working interest owner in this
field.
Pease Oil and Gas Company is a 29 year old Company traded on NASDAQ with the
symbols WPOG (common) and WPOGW (warrants). For more information please contact
Pat Duncan, CFO at (970) 245-5917 or Steve Antry at (714)752-5212.
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