Canadian 88 Energy Corp. Spuds Second Development Well at Waterton and Prepares to Spud Follow-up to Chedderville Discovery.CALGARY, Alberta--(BUSINESS WIRE)--June 26, 1997--(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). , 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. .) Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. 88 Energy Corp. of Calgary, Alberta announced today that it has spudded a second development well on its Waterton natural gas prospect in the foothills of Southwestern Alberta at LSD LSD or lysergic acid diethylamide (lī'sûr`jĭk, dī'ĕth`ələmĭd, dī'ĕthəlăm`ĭd), alkaloid synthesized from lysergic acid, which is found in the fungus ergot ( 4-19-7-2 W5M. The well is currently drilling ahead at 341 metres and will be drilled at a cost of approximately $6 million to a total depth of 4,544 metres (14,908 feet). The well is located approximately 1 1/2 miles northwest of Canadian 88's recent Waterton discovery well drilled at LSD 4-18-7-2 W5M. Canadian 88 is also currently drilling in the area at LSD 4-5-7-2 W5M 1 1/2 miles southwest of the discovery well, which is at a depth of 2,803 metres with a terminating depth of 3,730 metres (12,238 feet). Prize Energy Inc. has a 10 percent carried interest in both wells with Canadian 88 having a 90 percent interest in the prospect. The prospect is defined by a large high resolution 3D seismic program conducted by Canadian 88 targeting the Mississippian and Devonian formations in the area. Two further development wells are proposed for drilling by year end and regulatory approval is currently proceeding on schedule for production tie-in. In addition, Canadian 88 announced today that it is proceeding to spud a development well following-up on its Chedderville discovery at LSD 9-20-37-7 W5M that has been placed onstream at a restricted rate of approximately 10 mmcf/d of natural gas production and 400 bbls/d of associated liquids flowing at 1800 pounds tubing pressure through a 12/64's choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. . The follow-up well has been licensed at LSD 6-21-37-7 W5M and is expected to spud within the next few days. Canadian 88 currently has seven foothills rigs drilling in Alberta and is conducting a $110 million capital drilling program in Western Canada
Western Canada, commonly referred to as the West this year. Canadian 88 energy Corp (EEE) is an independent public oil and gas Company with head offices in Calgary, Alberta, Canada. The information contained herein has neither been approved nor disapproved by the Toronto and Alberta Stock exchanges. CONTACT: Canadian 88 Energy Corp. Greg Noval, 403/ 974-8800 403/ 974-8811 (FAX) |
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