Sign In
30 Sep 2009 07:00
Sefton Resources, Inc.
("Sefton" or the "Company")
Directors Shareholdings, Further Operations Update
30 September 2009
Director Shareholdings
The Company announces that Mr. J. Delmar-Morgan and Mr. H. Barnum exchanged receivables in the amounts of $32,042 and $40,405 respectively from the Company as of June 30 '09 for 485,000 and 611,600 shares of common stock of no par value in the Company at a price of 4p per share and an exchange rate of £1:$1.65. 117,484,379 shares are now issued and outstanding with H. Barnum and J. Delmar-Morgan (including associated holdings) currently having 992,555 and 5,265,777 shares, representing 0.84%and 4.48% respectively. These transactions constitute Related Party Transactions, as defined under the AIM Rules for Companies. The Directors, who have consulted with the Company's nominated adviser, believe the terms of the issue to be fair and reasonable in so far as shareholders are concerned.
Further Update of Operations
TEG USA
TEG USA is proceeding with the Tapia Cyclic Steam Program. The Company executed gas transmission and purchase agreements in late August to fuel the steam generator and has been steaming wells on the Yule Lease during the month of September. The Yule #7 well is in the post-steam "soak" phase of the cycle, and the Yule #10 well is in the steam injection phase. Steaming of wells will now progress systematically across the field at approximately two wells per month.
Midyear steaming of the three Snow Lease wells resulted in increases in individual well production that on average were multiples of pre-steaming rates. TEG used propane to fuel the steaming of these wells and elected to use smaller steam injection volumes in order to gain information as to the proper sizing of steam jobs for this reservoir going forward. The data collected will prove to be highly valuable to the ongoing project.
TEG MidContinent
On September 9, 2009, TEG MidContinent closed on the Vanguard Pipeline acquisition which is comprised of twenty five miles of inactive pipeline. The "Pipeline" is located west and north of TEG's Leavenworth project, an area presently subject to "curtailed/seasonal gas sales. Once the pipeline has been tested and "activated" it will provide a gathering system for TEG's future drilling and will establish a basis for potential joint ventures in both exploration and gas gathering and transportation.
Enquiries
Jeremy Delmar-Morgan, Chairman, Tel: 077 8900 4876
John James (Jim) Ellerton, CEO, Tel: 00 1 303 759 2700
Nick Harriss/Wye-Li Long, Blomfield Corporate Finance Ltd. (Nomad)
Tel: 020 7489 4500
Daniel Briggs/Alan Rooke, Religare Hichens Harrison plc (Broker)
Tel: 020 7382 7776
Sefton Resources is an AIM listed oil and gas production company. Its main core area of activity is in the East Ventura Basin in California, where it owns 100% of two oil fields, Tapia Canyon (heavy gravity oil) and Eureka Canyon (medium gravity oil), both of which have over twenty years of expected production life. In addition, Sefton has over 45,000 acres in the Forest City Basin of Eastern Kansas where Coal Bed Methane gases, as well as conventional oil and gas deposits, are targets.
Follow the stocks
