Court Decision Clears Path for Drilling of Highly Prolific Well by Canadian 88 Energy Corp.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 9, 1999-- Canadian 88 Energy Corp. (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. .)(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EEE.)(AMEX AMEX See: American Stock Exchange :EEE) of Calgary, Alberta announced today in Calgary that it intends to proceed ahead with the drilling of its Lochend exploration well, following yesterday's Alberta Court of Appeal The Alberta Court of Appeal is the highest court in Alberta, Canada. It hears appeals from the Alberta Court of Queen's Bench, the Provincial Court of Alberta, and administrative tribunals, as well as references from the Lieutenant Governor. decision to dismiss the appeal applications opposing drilling of the well filed by the Calgary Regional Health Authority and the Calgary North Action Committee against the Alberta Energy and Utilities Board's approval of the well. Canadian 88's Vice President of Engineering, Robin Gill stated "The Court of Appeal ruling is very positive and paves the way for the company to proceed under the EUB approval previously granted on July 7, 1999. Clearly the Court agrees that the EUB has exclusive jurisdiction to regulate all oil and gas developments in Alberta and that the EUB has rendered a carefully considered and complete decision that addresses all of the issues in this matter." The Lochend project is one of a series of high quality Devonian exploration plays that Canadian 88 has developed along a 300 mile trend in the Alberta Foothills corridor. The Company has significant land holdings in the corridor and further high impact wells, supported by the Company's extensive 3-D seismic database, are planned. Mr. Gill said that the Company will abide by all conditions imposed by the EUB regarding drilling of the well and subject to addressing the conditions, plans to spud the Lochend well in the first half of 2000. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with its head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges This is a list of American stock exchanges. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term Bolsa de Valores, meaning 'bag' or 'purse' of 'values'. . The information contained herein has neither been approved nor disapproved by the Toronto, Alberta and American Stock Exchanges. |
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