BitMine Immersion Technologies Inc. (BMNR)

[Hilander]

MAP of AUSTIN CHALK ZONE OIL FIELDS:

This post relates back to posts #27, #28 and #29.

The following map shows the approximate location where the drilling leases are located outside Giddings Texas in the Giddings Oil Field.

There's only 77 million outstanding shares. The leases are located in the Austin Chalk Zone on a 928 acre property in the heavily producing oil fields of Giddings, Lee County, Texas. Drilling operations are located on the Edgmon-Cameron land. As I understand, ATEX plans on re-entering existing wells. This lowers the initial cost of drilling operations. ATEX believes this to be a commercially viable oil production operation and expects work to occur over the next several years. Their plan is to have multiple wells with a projected annual income is in the neighborhood of $ 80 million when the site is fully developed.


MAP of AUSTIN CHALK ZONE OIL FIELDS – (Giddings Oil Field)

AmTex reported it had acquired a working interest in the Beeson #2, a producing well located in the Giddings field of the Austin Chalk in South Central Texas. Management reported that its Beeson #2 well has been producing steadily at rates as high as 18 barrels of oil and 18 MCF of gas per day.

The Giddings Field was first discovered around 1930 and has been responsible for the cumulative production of more than 380 million barrels of oil and 2.1 trillion cubic feet of natural gas. Most of this production was undertaken with antiquated vertical drilling techniques, leaving a huge amount of oil and gas reserves un-recoverable in the ground. Engineering estimates suggest there is over 1 billion in oil and gas reserves waiting to be recovered.


Reference Material from:
Monday May 23, 2005
Release 5:30 am PST, Southern California
SOURCE: Am-Tex Oil & Gas, Inc.
CONTACT: Michael Freedman, CEO [phone]

Laguna Niguel, CA, Am-Tex Oil & Gas, Inc. (OTC:AMTX.PK) In December 2004 the Company announced that it had acquired a working interest in the Beeson #2, a producing well located in the Giddings field of the Austin Chalk in South Central Texas. Management reports that its Beeson #2 well has been producing steadily at rates as high as 18 barrels of oil and 18 MCF of gas per day. The operator is anticipating the drilling of an additional, lower lateral in the near future, which will substantially increase the well’s production rate. Management intends to provide its shareholders with full details concerning these proposed improvements as soon as the information is available.