CrownJoule Announces Results From Five Doris Wells Will Double Production by Fourth Quarter.CALGARY, ALBERTA--(BUSINESS WIRE)--Aug. 22, 1997-- CrownJoule (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CJE. CJE.WT.) CrownJoule Exploration Ltd. ("CrownJoule") is pleased to announce the results of a successful drilling program since completing its major acquisition in mid-February. Five new wells (34 percent interest) in the Doris Field will be brought on production by the fourth quarter, which will enable CrownJoule to double its Doris production to 12 MMCFE/d. CrownJoule's drilling program to date has continued to achieve a success rate of over 85 percent. This past winter CrownJoule participated in the drilling and casing of one new pool exploratory well north of Doris and five development wells in the Doris Field. The exploratory well tested gas, however, due to early spring breakup breakup The division of a company into separate parts. The most famous breakup to date was the 1984 division of AT&T (formerly, American Telephone & Telegraph Company). This breakup was intended to increase competition in the communications industry. conditions, extended flow testing was not completed. Further production testing and follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan drilling will be conducted this next winter on approximately 10,000 gross acres of recently acquired Crown land. Five new development wells (three infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. and two step-outs) were drilled and cased in the Doris Gas Field this past winter. Due to rig accessibility and continued wet weather conditions, the testing and completion program was delayed until this summer. One remaining infill well (4-11-63-5W5M) will be tested as soon as road construction is complete. The results of the testing program from the two step-out wells indicates increased reserves at Doris and a further extension of the field southward south·ward adv. & adj. Toward, to, or in the south. n. A southward direction, point, or region. south on existing CrownJoule land. All wells have encountered significant gas pay in the main producing sand and well testing to date has established stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. flow rates individually exceeding 3MMCF/d per well. In addition to these five wells, a further well that was drilled and cased last summer was also tested and flowed at rates over 2.5MMCF/d. Once flowline construction is complete the wells will be tied-in tied-in a conformation defect in an animal in which a limb is perceptibly thinner at one point, e.g. tied-in below the knee, or below the hock. and are scheduled to be on production by the fourth quarter. The Doris development drilling program has added over 15 MMCF/d of gas productivity to the existing field's production base of 22MMCF/d. This added production will go onstream upon completion of a new 18MMCF/d skid-mounted gas plant to the west of the Doris Gas Field, scheduled for October start-up Start-up The earliest stage of a new business venture. , increasing the Doris Area's total production capacity to 36MMCF/d. CrownJoule is participating in the construction, ownership and operation of this new plant as well, in order to maintain processing access and cost efficiencies. Upon completion of all new production facilities, it is expected that CrownJoule's average daily net production at Doris will increase from 6MMCFE/d to approximately 12MMCFE/d (including 100 BBLS/d of NGL's). In addition to its development and production activities, CrownJoule, as exploration program operator for the joint venture, has been proactive in the successful joint acquisition of over 40 gross sections of Crown land at recent land sales and is also currently participating in an extensive exploratory drilling program that will see a further three wells drilled this summer and over ten wells drilled this winter on some of its 125,000 gross acres of undeveloped land. CrownJoule's total capital expenditure program for the remainder of this fiscal year (January 31, 1998) is anticipated to be approximately $4MM. CrownJoule is an oil and gas exploration company whose Common Shares and Purchase Warrants are traded on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the trading symbols Trading symbol See: Ticker symbol "CJE" and "CJE.WT" respectively and has approximately 11.9 million shares outstanding. -0- The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: CrownJoule Exploration Ltd. George T. Wilson, 403/233-0800 403/264-2687 (FAX) |
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