Continental Energy Corp.: Texas Gulf Coast -- First Well Spudded.VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 17, 1997-- Continental Energy Corporation ("Continental")(VSE See DOS/VSE. VSE - Virtual Storage Extended :KK) is pleased to announce that the first of its three proposed Gulf Coast wells has started drilling. The well is on the Stoneham Ridge Prospect which covers 10,000 gross acres. This is a dual zone prospect with objectives in the Yegua and Wilcox sandstones. The total depth of the well is 11,500 feet. Reserve potential for the Yegua formation is 19 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of gas and for the Wilcox formation 90 BCF gas and 2.9 million barrels of condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. . The prospect is defined by a tight grid of seismic that indicates substantial structure can be gained from a downdip well that had significant oil and gas shows in one of the Wilcox zones of interest. The probability of encountering gas is increased by the positive results obtained from seismic AVO a·vo n. pl. a·vos See Table at currency. [Portuguese, shortened from oitavo, eighth, from Latin oct and inversion studies performed over the prospect. Continental has a 30 percent working interest in this project. Management is extremely enthusiastic about this and our other projects because of the high quality of technical work that has gone into each, the large reserve potential of the prospects and the high gas prices currently being received by Gulf Coast producers. The primary thrust for Continental will be the Texas Gulf Coast area where several additional prospects are being developed and a land position is currently being assembled. ON BEHALF OF THE BOARD OF DIRECTORS OF CONTINENTAL ENERGY CORPORATION Gary R. Schell, P. Eng P. ENG Professional Engineer P. ENG process engineer ., President -0- Note to Editors: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved the contents of this news release. CONTACT: Continental Energy Corporation Gary R. Schell, 604/687-3434 |
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