Circle Energy Licensing Well in New Mexico.CALGARY, Alberta--(BUSINESS WIRE)--Jan. 22, 1997-- Circle (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : CEN CEN - Conseil Européen pour la Normalisation. A body coordinating standardisation activities in the EEC and EFTA countries. ) Bill Baker, President of Circle Energy Inc. ("Circle" - Alberta Stock Exchange Symbol - "CEN") announced today that Circle acquired key sections of land in east central New Mexico The center of the U.S. state New Mexico. In the center of this region is Albuquerque, the largest city and only metropolitan area. External links
The company is now proceeding to license an exploration well in Guadalupe County, New Mexico Guadalupe County is a county located in the U.S. state of New Mexico. As of 2000, the population is 4,680. Its county seat is Santa Rosa6. Geography According to the U.S. Census Bureau, the county has a total area of 7,852 km² (3,032 mi²). (Bounty prospect). The primary target is the San Andrea zone at a depth of 2,600 feet. The first location will offset wells drilled in the 1980s. Circle began targeting east central New Mexico as a core area over a year ago. The company has amassed a significant amount of technical data in support of three separate exploration projects. The previously announced 24,000 acre Aylsham prospect has several identified structures and a well that has been assigned reserves of 760,000 barrels of oil based on quarter section spacing. Circle also owns 50 percent of the Newkirk heavy oil project just 50 miles west of the Aylsham prospect. The Newkirk property has been assigned 39 million barrels of 17 degree API oil in place. The Bounty prospect is about 12 miles south of the Newkirk property and encompasses approximately 12,000 acres. Circle now holds approximately 40,000 acres of land in east central New Mexico with an excellent base of technical information including seismic, logs and historical drilling information. The company believes that with the use of state of the art technology such as underbalanced drilling ''This article refers to the procedure in oil drilling. For University of Brunei Darussalam, a university in Brunei, please refer to Universiti Brunei Darussalam Underbalanced drilling , horizontal drilling, heavy oil technology and improved seismic techniques that prospects have outstanding potential for significant oil and gas production. Circle has also accumulated approximately 7,000 acres of land in central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. where the company is targeting oil from Devonian reefs as well as natural gas prospects. The Alberta Stock Exchange has neither approved nor disapproved of the information contained in this press release. CONTACT: Circle Energy Inc. Bill Baker, 403/ 777-1925 403/ 777-1930 (FAX) www.circle-energy.com or Circle Energy Inc. Tom Irwin Tom Irwin is the name of:
403/ 777-1930 (FAX) |
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