CANADIAN 88 MAJOR FOOTHILLS NATURAL GAS DISCOVERY ONSTREAM.CALGARY, ALBERTA--(BUSINESS WIRE)--OCTOBER 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. announced today that its Chedderville, Alberta natural gas discovery well at 7-23-37-7 W5 is scheduled to come onstream this week at an initial production rate of approximately 10 million cubic feet per day. The well was drilled and operated by Canadian 88 to a total depth of 3,817 metres and the company holds a 42 percent interest before and after payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. in the test well. Canadian 88 holds interests in 13,000 undeveloped acres in the immediate area and has identified a minimum of 4 additional deep locations on its lands in the Chedderville play. The company's working interest in these lands range from 33 percent to 100 percent. The new production is expected to increase net production volumes for Canadian 88 to over 50 million cubic feet per day of natural gas and 1900 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 liquids, compared to average volumes for the first half of 1995 of 31.5 million cubic feet per day of natural gas and 1150 barrels per day of liquids. In addition, sulphur volumes are expected to reach 200 tons per day during October, compared to 20 tons per day in the first half of the year. Canadian 88 Energy Corp. expects that the new production, together with significant increases from the company's prolific Wabamum gas play in the Olds/Crossfield area of west central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. will result in continued gains in production through the 1995 year end. Accordingly, 1995 exit production rates are expected to increase to over 60 million cubic feet per day of natural gas, 2200 barrels per day of natural gas liquids and 250 tons per day of sulphur. 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. The information contained herein has neither been approved nor disapproved by the Toronto and Alberta Stock Exchanges. CONTACT: Greg Noval, President Canadian 88 Energy Corp. 700, 400-3rd Ave. S Ave. abbr. avenue Ave. avenue Ave. abbr (= avenue) → Av., Avda .W. Calgary, AB T2P T2P Type-Two Phaser (Star Trek) T2P Transition to Production (computer systems development) 4H2 (403) 974-8800 (403) 974-8811 (FAX) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion