Baytex Energy Ltd. Announces Drilling And Production Results.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Jan. 10, 1996--BAYTEX ENERGY LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : BTE.A TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : BTE.B) Baytex Energy Ltd., of Calgary, announced today drilling and production results for 1995 and an update on its 1996 first quarter drilling program. Baytex participated in the drilling of 51 wells in 1995, of which 27 were exploratory and 24 development. This resulted in 19 (16.04 net) gas wells, 14 (12.17 net) oil wells and 18 (14.92 net) dry and abandoned wells for an overall success rate of 65 percent (65 percent net). Baytex exited 1995 with 2,144 BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip in production compared to 945 in 1994 representing a 127 percent increase. Production as at January 6, 1996 was 2826 BOE comprised of 14,180 mcf/d of gas and 1408 bbls of oil. Oil discoveries in late 1995 at Westerose (100 percent Baytex), Morningside (100 percent Baytex) and Alliance (80 percent Baytex) have resulted in a substantial increase in oil production in early January of this year. At Westerose, up to 10 more locations have been identified, all targeting oil. Three of these locations are scheduled to be drilled by the end of the first quarter. At Morningside, up to six more prospective oil locations have been identified with three wells to be drilled by March 31. At Alliance, four wells will be drilled by mid-February to determine the size of the oil pool, the results of which will determine the number of horizontal and vertical wells to be drilled. In Northwest Alberta, Baytex will operate a seven 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 targeting light oil during the first quarter. Gas production is expected to increase during the first quarter by 5,500 mcf/d from the tie-in of cased gas wells at Castor, Stettler and Morningside. Additional drilling for gas will occur during the first quarter on up to six locations at Stettler and Castor. Baytex anticipates drilling a total of 26 wells during the first quarter of 1996. Baytex is a junior oil and gas exploration company whose shares are traded on The Toronto and The Alberta Stock Exchanges under the trading symbol Trading symbol See: Ticker symbol "BTE.A", "BTE.B" and "BTE.WT.A". The Toronto and The Alberta Stock Exchanges have neither approved nor disapproved the information contained herein. CONTACT: BayTex Energy Ltd. Bert Kloster, 403/750-1234 |
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