Canadian 88 Energy Corp. Acquires Major Exploration Plays East Coast Canada and West Central Alberta.CALGARY, Alberta--(BUSINESS WIRE)--May 17, 1999-- Canadian 88 Energy Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. .) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EEE.) (AMEX AMEX See: American Stock Exchange :EEE) of Calgary, Alberta, Canada announced today that it has successfully acquired three new major exploration plays in Canada. Two of the large prospects are located on the Scotia Shelf southwest of Sable Island, Nova Scotia and the other prospect is located in the Stolberg area of West Central Alberta northwest of Rocky Mountain House, Alberta Rocky Mountain House is a town in west-central Alberta, Canada, at the confluence of the Clearwater and North Saskatchewan Rivers. History The town has a long history dating to the 18th century with the presence of British and Canadian fur traders during the westward . The Company said in Calgary today that through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Canadian 88 Resources Corp. it has been awarded two large offshore drilling licences totalling 951,900 acres southwest of Sable Island by the Canada-Nova Scotia Offshore Petroleum Board in exchange for proposed exploration spending totalling approximately $30 million over the next five years. Company President Greg Noval said that the licenses were acquired based on detailed geological and seismic work conducted by Canadian 88 on the prospects including over 5,000 miles of new high quality seismic data. Noval said that the prospects offer world class exploration potential given that the large structures identified on the prospects are analogous to those currently being successfully drilled offshore Angola and Brazil. The estimated potential size of the structures on the prospects range up to 10 Tcf of natural gas and over 500 million barrels of liquids. This compares to pool size of up to 3 Tcf of recoverable natural gas reserves in the Sable Island area and 510 mmcf/d of natural gas production expected from the Sable Island area this year. Other companies participating in the $600 million Scotia Shelf Land Sale included Mobil Oil, Shell Canada, Imperial Oil, PanCanadian Petroleum, Chevron Canada, Marathon Canada Limited, Murphy Oil and Norsk Hydro. Canadian 88 also announced in Calgary today that at the May 5, 1999 Alberta Land Sale the Company successfully acquired three large petroleum and natural gas exploration licences totalling 39,360 acres for $1,499,152.00 in the Stolberg area of West Central Alberta where it has identified a large Devonian natural gas structure in the Beaverhill Lake formation where analogous pools range up to 1.5 Tcf of natural gas. Company President Greg Noval said that both the Scotia Shelf and Stolberg properties further compliment Canadian 88's large inventory of focused high quality, high impact North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. natural gas prospects. 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, Alberta 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 Toronto, Alberta and American Stock Exchanges. |
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