Canadian 88: Team Effort and Application of New Technology Adds Significant Value at Olds.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--June 8, 2001 Canadian 88 Energy Corp. (AMEX AMEX See: American Stock Exchange :EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EEE.) of Calgary, Alberta today provided an update on the results of its successful Wabamun and Viking drilling program in the Olds area. Wabamun Drilling Program The Company successfully drilled two additional Wabamun wells in the 100% owned Olds Unit following the two highly successful horizontal wells drilled in fourth quarter of 2000 at 15-28 and 15-36 which produced at combined initial production rate of 15 mmscf/d raw gas. The new wells drilled horizontally at 11-22-31-1W5 and 1-2-32-1W5 reached total depth in May 2001. Well 11-22 was completed and stimulated in June. The well flowed at restricted choked choke v. choked, chok·ing, chokes v.tr. 1. To interfere with the respiration of by compression or obstruction of the larynx or trachea. 2. a. rate of 9.5 mmscf/d raw gas at 1990 psi tubing pressure. Well 1-2 was completed in June and is planned to be stimulated by mid June. Prior to stimulation, the well flowed at restricted choked rate of 4.9 mmscf/d raw gas at 1635 psi tubing pressure. The success of these horizontal wells plays a significant role in development planning of the Olds field where the application of 3-D seismic and horizontal drilling a drilling machine having a horizontal drill spindle. See also: Horizontal technology has enabled the Olds team to achieve significant accomplishments. The Company plans to dedicate ded·i·cate tr.v. ded·i·cat·ed, ded·i·cat·ing, ded·i·cates 1. To set apart for a deity or for religious purposes; consecrate. 2. two rigs to drilling Wabamun wells for the rest of this year in the Olds area. Viking Drilling Program The Company has successfully drilled the 4-20-31-28W4 Viking well in March, 2001. The well was completed in June and flowed at 2 mmscf/d raw gas at 100 psi tubing pressure. The Company has a 75% working interest in this well. The results of these drilling programs are a good example of the significant exploitation opportunities at Olds where the application of new technology and team effort have created significant value for our shareholders. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with its head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto and American Stock Exchanges This is a list of American stock exchanges. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term Bolsa de Valores, meaning 'bag' or 'purse' of 'values'. . The information contained herein has neither been approved nor disapproved by the respective Exchanges. |
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