Canadian 88 Announces Drilling Results of Its Blackstone Well.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Sept. 13, 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.) today announced that it has successfully drilled a significant deep natural gas well in Western Alberta. The well, located at 4-10-45-16W5 and drilled to a total depth of 4,788 meters (15,709 feet), is a major stepout into the prolific Blackstone Devonian Swan Hills gas pool. Canadian 88, as operator, has earned a 37.5 percent working interest in the well. Drill and log results indicate 30 meters (98 feet) of highly porous dolomite dolomite (dō`ləmīt', dŏl`ə–). 1 Mineral, calcium magnesium carbonate, CaMg (CO3)2. gas pay, averaging 10% porosity analogous to other wells in the pool. The well, located 3 kilometers (1.9 miles) from other wells in the Blackstone pool, encountered the top of the gas pay 75 meters (246 feet) higher than any previous well. Further information will be available upon completion of the well, which is expected to be on production within six months. "This well is a confirmation of Canadian 88's Swan Hills expertise and its strategy to complement a successful drilling program in established areas with high potential gas plays in the Alberta Foothills," said Joseph L. Pritchett, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The Blackstone pool, located 240 kilometers (150 miles) north-west of Calgary, was discovered in 1984 and has produced 404 bcf of sales gas from three wells to date and has an estimated 355 bcf of sales gas remaining. Two wells are currently on production in the pool, each producing at a rate of approximately 50 mmscf/d. 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 Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and the information contained herein has neither been approved nor disapproved by the respective Exchanges. Forward-Looking Information This release contains statements that constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21 of the Securities Exchange Act of 1934 and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of those sections and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties including those described in our filings with Canadian and U.S. securities commissions, and that the actual results or developments may differ materially from those in the forward-looking statements as a result of various factors. We have based these forward-looking statements on information currently available and disclaim any intention or obligation to update or revise any forward-looking statement. |
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