Canadian 88 Energy Corp. Kicks-off 1999 with Major Foothills Drilling Program and New Production and Reserves at Waterton.CALGARY, Alberta--(BUSINESS WIRE)--Jan. 12, 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 it has kicked-off its 1999 drilling program in Western Canada
Western Canada, commonly referred to as the West budgetted at Cdn. $150 million with a large drilling program primarily targetting Mississippian thrust sheets and Devonian reserve accumulations in the foothills of Alberta. The Company said in Calgary today that it has seven 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, Corporation deep foothills rigs currently operating in Alberta in the 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, , Ricinus, Strachen, Olds/Crossfield and Waterton areas on prospects defined by extensive high resolution 3-D seismic. In the Wildcat Hills area approximately 30 miles northwest of Calgary, the Company is currently evaluating two separate Mississippian foothills thrust sheets with estimated reserve accumulation of 100 to 300 Bcf apiece drilling two Canadian 88 operated wildcat wells 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 at L.S.D. 10, Sec. 14, Twp. 27, Rge. 7 W5M (75 percent Canadian 88) and at L.S.D. 1, Sec. 26, Twp. 28, Rge. 8 W5M (100 percent Canadian 88) drilling to total vertical depths of 3,453 meters and 2,450 meters respectively. In addition, in the Ricinus area approximately 70 miles northwest of Calgary, the Company has two rigs operating with a wildcat well drilling at L.S.D. 13, Sec. 22, Twp. 35, Rge. 9 W5M (100 percent Canadian 88)targetting the lower Mannville formation at an estimated total vertical depth of 3,600 meters and a development well targetting the Leduc formation drilling to a total vertical depth of 4,300 meters. Furthermore, wells are drilling and evaluated the Devonian formation (100 percent Canadian 88)at Olds/Crossfield at L.S.D. 13, Sec. 34, Twp. 32, Rge. 1 W5M drilling a 1,035 meter horizontal leg into the Wabamun formation at an estimated total measured depth of 3,698 meters and at Strachen at L.S.D. 15, Sec. 33, Twp. 37, Rge. 8 W5M where a wildcat well is being drilled 100 percent by Canadian 88 evaluated the Leduc formation at an estimated total vertical depth of 3,908 meters. In addition, the Company said in Calgary today that it was pleased to commence its drilling program in the New Year with all six of its deep Waterton natural gas wells producing approximately 60 mmcf/d raw gas at restricted rates from its new Waterton natural gas field in southwest Alberta. Further production volumes are expected to be added over the next 30 days as Shell Canada Shell Canada Limited (TSX: SHC) is one of Canada's largest integrated oil companies. Exploration and production of oil, natural gas and sulphur is a major part of its business, as well as the marketing of gasoline and related products through the company's approximately 1,800 completes required maintenance at its Waterton Natural Gas Plant. Additional production is expected when Canadian 88 completes the drilling of a seventh well which is drilling ahead without difficulty targetting the Mississippian formation with a 300 meter horizontal leg drilling to a total measured depth of 4,132 meters at L.S.D. 15, Sec. 24, Twp. 7, Rge. 3 W5M. The Company said in Calgary today that it is extremely pleased with its Waterton production and that McDaniels Engineering of Calgary, Alberta has just completed a reserve evaluation of the property having assigned 522 Bcf of proven recoverable gas in place to the property and having estimated shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. of only 25 percent resulting in proven reserves of 391 Bcf of sales gas. In addition, 48 Bcf of probable reserves were assigned to the property. This compares to 260 Bcf of proven reserves and 42 Bcf of probable reserves previously assigned to the property and reported by Canadian 88 as of January 1, 1998. With these reserves Canadian 88's Waterton natural gas discovery has evolved as one of the largest natural gas discoveries in the foothills of Western Canada in the last ten years. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with 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