Canadian 88 Energy Corp. Announces Waterton Test Results and Prepares to Commence Multi-Well Drilling Program.CALGARY, ALBERTA--(BUSINESS WIRE)--Jan. 30, 1997-- Canadian 88 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. .) Canadian 88 Energy Corp. of Calgary, Alberta, announced today the initial test results of its Waterton deep foothills natural gas discovery located at L.S.D. 8, Sec. 18, TWP TWP Township TWP The Washington Post TWP Tropical Western Pacific TWP True Whig Party (political party in Liberia from 1878-1980) TWP Thomas Weisel Partners Group, Inc. 7, R. 2W5M in Southwest Alberta. The firm indicated in Calgary today that based on testing to date, its 4,450 metre (14,600 feet) discovery well drilled at Waterton, Alberta (92.5 percent Canadian 88) is capable of producing 10 mmcf/d of natural gas from the Devonian formation and from approximately 18 to 22 mmcf/d of natural gas from the Mississippian formation. Canadian 88 President Greg Noval stated in Calgary today that the well was drilled and completed using state-of-the-art technology, including Tesco top drives, Haliburton downhole tools and Computalog logging and directional equipment with drilling services provided by Precision Drilling Precision Drilling Corporation (NYSE: PDS TSX: PD.UN) is the largest drilling rig contractors in Canada, also providing oil field rental and supplies. Operations expanded from 3 drilling rigs in 1984 to worldwide operations (Mexico, North Africa, Middle East, Kazakhstan, . Noval stated that all safety and emission requirements have been complied with and an application is currently before the Alberta Utilities Board to construct a seven mile pipeline capable of handling natural gas with up to 27 percent H2S H2S Hydrogen Sulfide H2S How to Succeed in Business Without Really Trying (Also abbreviated H2$) H2S Heart to Soul (song) content to connect the well for production into Shell Canada's 470 mmcf/d Waterton Gas Plant. Furthermore, the Company indicated in Calgary today that it has completed the surveying of the next drilling location on the Waterton prospect and that it expects to commence further drilling on the prospect within the next 30 to 45 days. The Company expects to drill at least five further wells on the prospect based on a large scale high resolution 3-D seismic program recently completed by the Company in the area. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas Company with head offices in Calgary, Alberta, Canada. CONTACT: Canadian 88 Energy Corp. Greg S. Noval, 403/974-8800 403/974-8811 (FAX) |
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