Canadian 88 Energy Corp. Announces Two Significant Gas Discoveries and Updates Exploration Drilling Program.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 10, 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, announced today that its Strachan 15-33-37-8 W5M well (76 percent Canadian 88 W.I.) has been successfully drilled into the Leduc zone to a depth of 3,868 meters (12,691 feet) and has encountered significant hydrocarbons hydrocarbons (hīˈ·drō·kärˑ·b  nz),n. with gross pay in excess of 80 meters. Completion operations have commenced and this well is anticipated to be placed on production at the end of the month at expected initial rates of five to ten mmcf/d. Reserves associated with this prospect are expected to be between 40 to 75 Bcf. In addition, at Olds/Crossfield a well at L.S.D. 13, Sec. 34, Twp. 32, Rge. 1 W5M (100 percent Canadian 88 W.I.) has reached total measured depth of 3,649 meters (11,972 feet) after successfully drilling horizontally 924 meters into the Wabamun formation. Preliminary indications are that this well has also encountered significant hydrocarbons and completion activities will commence immediately. On the exploration front, Canadian 88 currently has five additional rigs drilling deep gas prospects in the Alberta foothills. At Wildcat Hills The Wildcat Hills are an escarpment between the North Platte River and Pumpkin Creek in the western Nebraska Panhandle. Located in Banner, Morrill, and Scotts Bluff counties, the high tableland between the streams has been eroded by wind and water into a region of forested buttes, , the 10-14-27-7 W5M well is currently drilling ahead at a depth of 2,561 meters on its way to a targeted total depth of 3,453 meters (11,329 feet). The Benjamin Creek well located at L.S.D. 1, Sec. 26,Twp. 28,Rge.8 W5M is currently drilling ahead at 1,944 meters on its way to a targeted depth of 2,450 meters (8,038 feet). Both wells are part of a large multi-well foothills drilling program currently underway in the area and both wells are evaluating separate Mississippian foothills thrust sheets with estimated reserve accumulations of 100 to 300 Bcf apiece. At Ricinus, a wildcat well Noun 1. wildcat well - an exploratory oil well drilled in land not known to be an oil field wildcat oil well, oiler - a well that yields or has yielded oil drilling at L.S.D. 13, Sec. 22, Twp. 35, Rge. 9 W5M targeting the lower Manville formation is currently at 3,424 meters on its way to an estimated total depth of 3,600 meters (11,812 feet). A development well at L.S.D. 12, Sec. 2, Twp. 36, Rge. 9 W5M is also currently drilling ahead without incident at 2,912 meters on its way to an estimated total depth of 4,300 meters (14,108 feet). At Waterton, the seventh well on our new Waterton natural gas field is currently drilling ahead without difficulty at 3,619 meters with a 300 meter horizontal leg currently underway on its way to a total measured depth of 4,132 meters (13,557 feet) at L.S.D. 15, Sec. 24,Twp. 7,Rge. 3 W5M. 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 or American Stock Exchanges. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion