Deena Announces Successful Nisku Recompletion.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 8, 1997--Deena (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :DNG DNG Double Negative DNG Digital News Gathering (video media) DNG Degrassi: the Next Generation (TV show) DNG Deutsche Numismatische Gesellschaft DNG Digital Negative Graphics ) Deena Energy Inc. of Calgary, Alberta, announces today that it has successfully recompleted a Nisku oil well in which the company holds an 82 percent working interest. The well has been flow tested for two days. Rates in excess of 1000 bbls of oil per day on a 1/2 inch choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. were observed prior to the well being choked back further to a 1/4 inch and a rate of 720 bbls per day. The well will produce to a nearby Deena operated production facility by October 9, 1997. The positive results of this workover has provided key technical information which will allow Deena to further exploit the Haynes oil property through uphole recompletions and horizontal drilling a drilling machine having a horizontal drill spindle. See also: Horizontal . The first well in the horizontal program is expected to spud within the next 4 to 5 weeks. Further 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. drilling will continue on this property as drilling rigs become available. In a related matter Deena has signed a seismic option lease agreement to acquire 480 acres of land adjoining the Haynes property bringing Deena's interests to a total of 2240 acres. Deena has now drilled three of the sixteen wells planned for the balance of 1997 resulting in two wells cased for potential oil production and one well dry and abandoned. Deena is pleased to announce that they have entered into a joint venture agreement with Idemitsu Cambodia Oil. This agreement will see Deena participate for up to 20 percent in a well to be drilled on concession Block IV offshore Cambodia. Drilling is scheduled to begin in the second quarter of 1998. The initial well offsets an earlier discovery by Idemitsu which tested approximately 1200 barrels of oil per day. Based on a 3D seismic survey which was completed following this well, Idemitsu anticipates that the upcoming well will identify reservoirs containing significant oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally . Deena and Idemitsu are presently discussing terms which would contemplate Deena's participation in additional acreage in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . -0- The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Deena Energy Inc. J.W. Grant Robertson, 403/237-8807 |
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