Arlington Ventures Ltd. Announces Another Successful Well.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--May 11, 2001 Arlington Ventures Ltd. (the "Company") announces that it has successfully drilled the Terra Nova Terra Nova may refer to: In geography:
The Terra Nova 22X-19 is the first well in an eleven (11) well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described program the Company has budgeted for 2001. Log and sidewall side·wall n. 1. A wall that forms the side of something. 2. A side surface of an automobile tire, between the edge of the tread and the wheel rim. Noun 1. core analysis indicates the well encountered approximately 10 feet of gas sand and 20 feet of oil sand. The Company expects to commence completion work within the next few weeks. This new discovery will add to Arlington's previously reported (March 15, 2001) proven reserves of 3.4 million barrels of oil and 14.4 billion cubic feet of natural gas. Ancell Energy Consulting (an independent oil & gas consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a ) has estimated the Company's proven reserves to be valued at $86.5 million US (at a 15% discount rate) as of January 1, 2001. The Company is 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. The foregoing information contains forward-looking statements 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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