lol some CYTL news - Cybertel Capital's Core Energy to Capitalize on Timing
6/3/2004 10:15:00 AM
VISTA, Calif., Jun 3, 2004 /PRNewswire-FirstCall via COMTEX/ -- Cybertel Capital Corporation (CYTL) announced today that Core Energy, a unit of Cybertel Capital, reported that one of its small, yet significant oil properties, in Kern county California has greater than expected remaining reserves.
We have determined through geologic evaluation, only a limited amount of the original oil in place has been recovered to date. It is our strong intention to aggressively develop this asset to maximum potential. Geological reserve reports show that the property has 128,000 proven undeveloped reserves (PUD). The spot market for oil closed at $41.50 per barrel on June 1, 2004.
The origins of the Lease date back to the 1940's when it was first drilled. At one period in time, the lease was controlled by an oil trust assembled by business managers for Fred Mac Murray and Red Skelton.
Some of the techniques used by Core for enhanced oil recovery are Steam injection and infill well re-drills.