Canadian 88 Energy Corp. Announces Waterton Drilling Success and Receives Approval to Drill Castle River Deep Gas Prospects.Business Editors CALGARY, ALBERTA--(BUSINESS WIRE)--March 14, 2000 Canadian 88 Energy Corp. of Calgary, Alberta (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. .) (AMEX AMEX See: American Stock Exchange :EEE) announced today the successful completion and placing on production of its seventh Waterton well at L.S.D. 8, Sec. 24, Twp. 7, Rge. 3 W5M. After one month of production, the well has produced 0.5 Bcf of raw gas from the Devonian formation with a current production rate of 14.8 mmscf/d of raw gas (12.5 mmscf/d sales gas). This well was initially drilled in early 1999 as a horizontal well into the Mississippian Loomis formation and flowed at a modest rate of 1.5 mmscf/d. In November, the well was shut in to permit deepening deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. Noun 1. deepening - a process of becoming deeper and more profound of the well into the lower Mississippian (i.e. Wileman and Livingstone) and Devonian formations to access additional reserves. The well encountered 47.5 and 17.5 meters of net pay into the Mississippian and Devonian formations respectively. The Devonian formation was subsequently completed and put on production in February 2000. Canadian 88 Energy Corp. is planning to co-mingle the Mississippian and Devonian formations from this well. Canadian 88 Energy Corp. also announced today that it has received approval from the Alberta Energy and Utilities Board to drill its highly prospective deep sour gas Sour gas is natural gas or any other gas mixture which contains significant amounts of hydrogen sulfide (H2S). According to this reference [1], natural gas is usually considered sour if there are more than 5. well at L.S.D. 12, Sec. 8, Twp. 6, Rge. 2 W5M in the Castle River area. This well, which was the subject of a public hearing this past January, is targeting significant reserves in both the Mississippian and Devonian formations. The Company announced that it intends to proceed with drilling the well, which will be quickly tied into Canadian 88's existing Waterton pipeline for production. The Castle River project is one of a series of high quality deep Devonian and Mississippian exploration plays that Canadian 88 has developed along a 300 mile trend in the southern Alberta Southern Alberta is a region located in the Canadian province of Alberta. As of the year 2004, the region's population was approximately 272,017[1][2]. Foothills. The Company has significant land holdings in the corridor. Additional high impact exploration wells, supported by the Company's extensive 3D seismic database are planned. 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion