Arlington Ventures Ltd. - Announcement.Business Editors VANCOUVER, Canada--(BUSINESS WIRE)--June 20, 2001 Arlington Ventures Ltd. (the "Company") announces an update on its activities in the CNU CNU Christopher Newport University CNU Chungnam National University (Korea) CNU Congress for the New Urbanism CNU Chonnam National University (Korea) CNU Consiglio Nazionale degli Utenti Project area (part of the Nahama Project) and the Raisin raisin, in botany and cooking raisin, dried fruit of certain varieties of grapevines bearing grapes with a high content of sugar and solid flesh. Although the fruit is sometimes artificially dehydrated, it is usually sun-dried. City Field, which are located in the Northern San Joaquin San Joaquin (săn wäkēn`), river, c.320 mi (510 km) long, rising in the Sierra Nevada, E Calif., and flowing W then N through the S Central Valley to form a large delta with the Sacramento River near Suisun Bay, an arm of San Francisco Bay. Basin of Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . At its CNU Project area, the Company recently completed the CNU no.86-18 well and it is producing at a restricted rate of 100 barrels of oil per day ("BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ") (35 BOPD net to the Company's interest). Upon completion of a water disposal well and gas line hook up, the Company expects its two CNU wells to produce at an approximate rate of 200 BOPD and 200 MCFPD (70 BOPD and 70 MCFPD net to the Company's interest). Plans are to re-complete at least two additional wells in the CNU Project area within the next few months. At its Raisin City Field, the Company is continuing to focus its efforts on producing gas from the field at each well's maximum efficient rate. The Company has been experiencing numerous delays in obtaining field equipment and services which are required to resolve some of its operational difficulties (such as delays in obtaining field compressors and condensate/water liquid loading of existing gas wellbores). As a consequence of these problems, the daily production rate has varied considerably and has resulted in the gas wells at Raisin City not producing at their planned production rate. Unexpected fluctuations in line pressure in the PG&E transmission system require the immediate installation of gas compressors to flow the Company's gas into the PG&E system. The Company is also undertaking other remedial work to remove the liquids from the wellbores. During the next two weeks, the Company plans on installing compression facilities and re-perforating the Surfluh 9-13 and Surfluh F22-14 wells. Also, the Company has scheduled completion work on the recently drilled Terranova 22X-29, Surfluh 64-14R and Ripperdan 55-13R wells. All three are new wells which have never been on production. The results of this work will be announced after it is completed and the production has stabilized. Subsequent to this, the Company will continue its previously announced drilling program. Arlington Ventures Ltd. is a junior oil and gas company primarily engaged in the acquisition, exploration, development and production of natural gas and crude oil properties in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Currently, the Company is the operator of oil and gas producing and exploration properties in the San Joaquin Basin of California that have been independently evaluated at (US)$100 million (NPV NPV See: Net present value 10% discount rate - see Company's news release dated March 15, 2001). The foregoing information contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and forecasts, the realization of which cannot be assured. Actual results may differ significantly from those forecast. Inaccurate geologic and engineering interpretations, the volatility of commodity prices, unbudgeted cost increases, unforeseen delays in operations and operations that prove less successful than anticipated are risks that can significantly effect the Company's operations. ARLINGTON VENTURES LTD. Timothy Collins, President The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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