techDaily.info :: NeoMedia Says Loch’s No. 10 Well is Producing Oil on Daily Basis

Thursday, January 08, 2009

NeoMedia Says Loch’s No. 10 Well is Producing Oil on Daily Basis

Posted: 8/13/2003

Posted By:	The Kaminer Group		Contact:	David Kaminer
Phone:	9146841934		Email:	dkaminer@kamgrp.com

FT. MYERS, FL, and HOUSTON, TX, Aug. 13, 2003 – NeoMedia Technologies, Inc. (OTCBB: NEOM), said today said that Loch Energy, Inc., which it plans to acquire, reports “production on a daily basis” from one of its wells, and that it plans to ship another truckload of oil within a few days.

“ Loch CEO Patrick E. Ashworth said the No. 10 well on the R.E. Burt lease has put more than 100 barrels of oil in the tanks, with ‘steady and regular production on a daily basis’ ongoing,” said Charles T. Jensen, NeoMedia’s president and acting CEO, noting that “another truckload of oil is expected to leave the field within a few days.”

In addition, Ashworth reports that Loch's field personnel are currently working to “establish a daily production flow rate from No. 10,” while “testing and other work continues" on other wells and lease sites.

The first truckload sold by Loch, 130.66 barrels in all, was sold and shipped at a gross price of $30.22 per barrel, which is comparable to the benchmark price of West Texas Intermediate, two weeks ago (see “ NeoMedia Says First Truckload of Oil from Loch Energy ‘Sold and Shipped’,” Business Wire, July 29).

Earlier this year, NeoMedia announced plans to acquire and merge with Loch (see “NeoMedia Reaches Agreement in Principal to Acquire Loch Energy, Inc.” Business Wire, March 13, 2003), which owns mineral and lease rights to five properties totaling approximately 130 acres. That announcement said evaluation and estimates by oil specialists of Loch’s position show proven reserves of some 7,707,247 barrels, and probable reserves of an additional 5,963,748 barrels, more than 13.67 million barrels in all.

NeoMedia also recently announced plans to acquire and merge with Secure Source Technologies of Silver Spring, Maryland (see “NeoMedia Technologies, Inc., Signs LOI to Acquire Secure Source Technologies, Including Seven Patents with Homeland Security and Cellular Industry Applications,” Business Wire, July 28.)

About NeoMedia Technologies
NeoMedia Technologies, Inc. (www.neom.com), is an innovator and international leader in print-to-Internet and other technologies which make information faster and easier to access, with expertise in homeland security and e-authentication applications.

About Loch Energy, Inc.
Loch Energy, Inc., is a low-cost, environmentally-conscientious and safe producer of oil and gas properties, and a strong advocate of creating an environment in which the oil and gas industry, and related businesses, prosper and grow through responsible development of Texas's natural resources.

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement
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