Charger Energy Inc. -- E & P Status Report -- Update Of Activity.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 5, 1999-- Charger Energy Inc. ("CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) " - ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. ) ("Charger") is pleased to update its shareholders on the status of its various projects: VAL VERDE Val Verde may mean:
According to the U.S. - 100% INTEREST On August 26, 1999 Charger closed the acquisition of +/-16,000 contiguous acres in the prolific (mainly gas) Val Verde Basin. Detailed geology is being completed with the first well planned for the fourth quarter of 1999. Charger is currently seeking a 50% partner. The Val Verde Prospect directly offsets the Vinegarone South Gas Field operated by Tesoro Petroleums with estimated recoverable reserves of 100 - 150 billion cubic feet. SOUTH EAST NEW MEXICO New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). PROJECT - VARIOUS WORKING & MINERAL INTERESTS Charger has entered into a letter of intent dated August 6, 1999 to acquire various high working interests in natural gas and oil production in Lea, Eddy, Chaves and Roosevelt Counties. Upon completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , financing and closing, Charger will become the operator of five (5) wells located in the Turkey Tract, Lusk and Maljamor/MCA Unit Areas. Significant non-operated working interest production is located in the Empire Albo Unit, Logan Draw Area, Redlake Area and Crows Flat Area. In addition to the producing properties, varying interests in +/- 80,000 net undivided acres of leases and/or mineral rights within these counties is also being acquired. All leases and mineral rights are non-expiring. The production and exploration potential is primarily natural gas. In addition, upon closing, Charger will have acquired a net 100% mineral ownership in +/- 550,000 acres in Hidalgo Hidalgo, state, Mexico Hidalgo (ēthäl`gō), state (1990 pop. 1,888,366), 8,058 sq mi (20,870 sq km), central Mexico. Pachuca de Soto is the capital. , Deboca, Sierra, Socorro and Grant Counties, New Counties. BACH PROSPECT, WARD COUNTY, TEXAS Ward County is a county located in the U.S. state of Texas. As of 2000, the population is 10,909. The county seat is Monahans, and the county is named for Thomas W. Ward, a soldier in the Texas Revolution. Geography According to the U.S. - 75% INTEREST The initial test well has completed drilling and has been logged. The operator has advised that log analysis and mud log readings indicate that a prolific gas/oil Delaware/Bell Canyon Sand Field has been discovered. 17 development drilling locations have been identified on 3D Seismic. Drilling of the first well should be in 45 - 60 days. GREEN RIVER BASIN, WYOMING - 30% INTEREST Charger has the right to participate in the re-completion of two (2) wells and the drilling of three (3) test wells. The completions will commence prior to year end and drilling in January - February, 2000. Natural gas production rates of in excess of 5 million cubic feet per day and associated liquids per well are expected. BRAZEAU RIVER, ALBERTA - 5% INTEREST The well BTU Btu: see British thermal unit. Brazeau River 6-27-48-12 W5M has been fracture stimulated and the operator has advised that the well should produce at a rate of +1 million cubic feet per day of natural gas and associated liquids. The operator further advises that the estimated gas reserves for the well are approximately 7 billion cubic feet. INDIAN CREEK PROSPECT, EDWARDS COUNTY, TEXAS - 25% INTEREST Similar prospect to the Val Verde Prospect. Also located in Edwards County (+/- 21,000 acres). Primary objectives include the Canyon E-9, E-10 and E-11 sands with secondary possibilities in the Strawn Lime and Ellenburger formations. Estimated potential gas reserves of 50 - 120 billion cubic feet. Well is expected to commence drilling before year end 1999. WEST COYANOSA AREA, PECOS COUNTY, TEXAS Pecos County is a county located in the U.S. state of Texas. In 2000, its population was 16,809. The seat of the county Fort Stockton6. Pecos County is named for the Pecos River. Geography According to the U.S. - 14% INTEREST Completion operations are still being performed on the Moore-Gilmore #1 well. Oil and/or gas have been established in several formations, however none have yet proven to be in commercial quantities. Numerous development drilling locations have been identified. Charger Energy Inc. is a public junior energy company listed on the Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). ("CHC"). Charger's primary focus is the exploration for and development and production of significant natural gas reserves in North America. The Alberta Stock Exchange has neither approved nor disapproved of the contents contained herein. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion