Algonquin Petroleum Updates Details on Virgo Well.CALGARY, Alberta--(BUSINESS WIRE)--July 20, 1998--Algonquin Petroleum(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AGQ.) Algonquin Petroleum Corporation (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. - AGQ) announces that payout was reached on the Virgo 11-33 gas well in June, as previously forecast, and the corporation's interest has increased from 1/3 to 2/3. This well, which is located in Alberta, has been producing close to 2000mcf and over 40 bbl of condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. per day. In Ontario the rate of production from the Colchester S Colchester (kōl`chĭstər, –chĕs'tər), city (1991 pop. 87,476) and district, Essex, SE England, on the Colne River. The city is a grain and cattle market. . 81-1 well has risen to approximately 50 bopd. Altogether Algonquin is now producing some 170 barrels of oil equivalent per day. Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
CONTACT: Algonquin Petroleum Corp., Calgary
James D. Fair, 403/234-9535
algonquin@econnect.ca
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