Cadence Reports Progress on Waggoner Ranch Projects.Business Editors WALLA WALLA Walla Walla (wŏl`ə wŏl`ə), city (1990 pop. 26,478), seat of Walla Walla co., SE Wash., at the junction of the Walla Walla River and Mill Creek, near the Oregon line; inc. 1862. , Wash.--(BUSINESS WIRE)--Aug. 13, 2003 Cadence cadence, in music, the ending of a phrase or composition. In singing the voice may be raised or lowered, or the singer may execute elaborate variations within the key. Resources Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CDNR CDNR Chronic Disease Notes and Reports ) announced today that two more wells have been completed on the West Electra Lake project, which is a joint venture between the Company and the oil and gas division of the Waggoner Ranch, located in Wilbarger County, Texas Wilbarger County is a county located in the U.S. state of Texas. In 2005, the United States Census Bureau estimated that the population was 13,896, down from 14,676 in 2000. The county seat is Vernon6. . These two new wells were drilled to a depth of approximately 2,600 feet, targeting a prolific oil-producing zone known as the Upper Milham Sand. The first well encountered 8.5 feet of net pay in the Milham sand, while the second new well encountered 11 feet of net pay in the same zone. Both wells, which are called the West Electra Lake #2 and the West Electra Lake #3, have now been completed, and each well is producing 40 barrels of oil per day on 35% pump time, in order to be in compliance with the regulations of the Texas Railroad Commission regarding production allowables. When added to the ongoing production from the Joint Venture's first well, the West Electra Lake unit is now producing over 120 barrels of oil per day. The Company holds a 33% working interest in these wells. In a related development, Cadence Resources recently re-entered the #1A well, on its "A" Lease, and perforated per·fo·ra·ted adj. Pierced with one or more holes. another pay horizon in the Lower Milham Sand. As a result of this effort, the #1A well is now producing oil at a rate in excess of 100 barrels of oil per day, on about 60% pump time. Prior to initiating a reduction to the 60% level, the well was flowing over 140 barrels of oil per day. The Company holds a 45.6% working interest in this well. The Company continues to evaluate development opportunities on the leased acreage it holds on the Waggoner Ranch. To date, the Company has identified at least two development "step-out" targets on the West Electra Acreage. Furthermore, the Company has optioned additional acreage to the southeast of the West Electra ground on which seismic surveys will be undertaken within the next several months to develop potential targets. Certain statements contained herein may contain 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. that involve risks and uncertainties. Therefore, actual results may differ materially from those projected or implied. |
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