Canadian 88 Energy Corp. Sets Record 1997 Capital Spending Program - Cdn. $110 Million.CALGARY, Alberta--(BUSINESS WIRE)--March 17, 1997--Canadian 88 Energy Corp. (TSE/Alberta Stock Exchange:EEE EEE eastern equine encephalomyelitis. EEE eastern equine encephalomyelitis. .) of Calgary, Alberta announced Monday that it has set its 1997 capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. program at Cdn. $110 million. The funds will be spent in Alberta primarily along the Alberta foothills with a minimum of $50 million to be spent on the company's Olds/Crossfield properties including the drilling of 24 deep horizontal gas wells targeting the Devonian formation and expenditures related to the company's Olds Gas Plant and Gathering System where processing capacity is currently being expanded from 70 mmcf/d to 140 mmcf/d. In addition, the company will spend a minimum of $30 million developing its Waterton natural gas discovery in southwest Alberta where a multi-well development drilling program will be conducted that should add upwards of 100 mmcf/d of natural gas production over the next 12 months. Development drilling at Waterton is expected to commence within the next two weeks. The company will also spend $30 million on drilling and development of other properties in Western Canada
Western Canada, commonly referred to as the West including its Chedderville, Caroline, Lanaway, Three Hills and Porcupine porcupine, in zoology porcupine, member of either of two rodent families, characterized by having some of its hairs modified as bristles, spines, or quills. Hills holdings. Funding for the program which represents a 34.1 percent increase in capital spending from Cdn. $82.2 million in 1996 will be provided through cash flow and undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely credit lines available to Canadian 88. Canadian 88 is currently debt free with one of the best balance sheets in the industry and has recently recorded record increases in reserves, earnings and cash flow. Canadian 88's 1996 finding and onstream costs were Cdn. $2.42 per BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip of proven reserves and the company's four year (1993 - 1996) weighted average finding and onstream costs were Cdn. $3.24. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with head offices in Calgary, Alberta, Canada. -0- The information contained herein has neither been approved nor disapproved by the Toronto and Alberta Stock Exchanges Alberta Stock Exchange See Canadian Venture Exchange (CDNX). . CONTACT: Canadian 88 Energy Corp. William Dyment, 403/974-8800 403/974-8811 (FAX) |
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