CANADIAN 88 ANNOUNCES SECOND OIL STRIKE ON TABER EXPLORATION BLOCK.CALGARY, ALBERTA--(BUSINESS WIRE)--JULY 11, 1995--CANADIAN 88 ENERGY (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. ) Canadian 88 Energy Corp. of Calgary announced today that it has drilled a successful step out well to extend its new pool discovery near Taber, in southern Alberta Southern Alberta is a region located in the Canadian province of Alberta. As of the year 2004, the region's population was approximately 272,017[1][2]. . The company indicated in Calgary today that the 7-7-11-17 W4 well is currently producing at 215 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of 28 degree API crude oil through a restricted 16/64" inch choke and has a flowing productive capability in excess of 300 barrels per day. The company's original discovery well at Taber commenced production in the fourth quarter of 1994 at 175 barrels per day. Canadian 88 is commencing a 5 section 3-D seismic survey encompassing the two wells and will then proceed to full scale development and infill drilling of the new oil pool. Similar pools in the Taber area have been developed on as little as 5 acre spacing and have recoverable reserves up to 2 million barrels of oil. The discovery is located on Canadian 88's 100% working interest, 7200 contiguous acre Taber Exploration Block. Canadian 88 also indicated that it has received ERCB ERCB Energy Resources Conservation Board ERCB Engineering Review Control Board (US NASA) approval for GPP GPP Government Performance Project GPP General Purpose Processor GPP General Physical Preparedness GPP Gambian People's Party GPP Good Pharmacy Practice GPP Gross Primary Productivity GPP Green Procurement Program GPP Generic Packetized Protocol (good production practice) status effective August 1, 1995 on its Ghost Pine oil an oil resembling turpentine, obtained from fir and pine trees, and used in making varnishes and colors. See also: Pine discovery at 7-19-29-21 W4. This 400 barrels per day oil discovery has been producing on a restricted allowable rate of 50 barrels per day and will now qualify for unrestricted production rates pursuant to the GPP application. Canadian 88's average liquids production in the first half of 1995 of approximately 1150 barrels per day is now expected to exceed projected 1995 exit rates of 2200 barrels per day. First half natural gas production of approximately 32 million cubic feet per day is now expected to exceed projected 1995 exit rates of 60 million cubic feet per day. Canadian 88 Energy Corp. is an independent exploration and production company with shares listed for trading on the Toronto and Alberta Stock Exchanges under the symbol EEE. -0- NOTE: The information contained herein has neither been approved nor disapproved by the Toronto and Alberta Stock Exchanges. CONTACT: Canadian 88 Energy Corp., Calgary Geoffrey P. Smith, 403/974-8800; Fax: 403/974-8811 |
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