Doreal Energy Drilling & Project Plans 1997.VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 13, 1997-- Doreal Energy Corpor (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). DOY DOY Diocese of Youngstown (Youngstown, Ohio) DOY day of year (US DoD) DOY Duchess of York .) 1. TAPIR PROJECT, LLANOS llanos (yä`nōs), Spanish American term for prairies, specifically those of the Orinoco River basin of N South America, in Venezuela and E Colombia. BASIN - EASTERN COLOMBIA: All joint venture participants (Mobil Oil Company, Seven Seas Petroleum, Inc. and Mohave Oil and Gas Corporation) have agreed on the drilling location for this exploration well, Matequefa #1. It will be spudded as soon as the Operator has been granted permission from the Colombian Ministry of Environmental Control. The drilling permit request for this well was submitted two months ago and we expect the request to be approved soon. Negotiations with rig contractors are ongoing and service companies have been approved. We plan to spud this well mid-February, 1997. Total depth is projected to be 10,000 feet which should be reached in 25 to 30 days. 2. LUSITANIAN BASIN - ONSHORE PORTUGAL: A joint venture partners' meeting with Samedan Oil Corporation and Mohave Oil and Gas Corporation was held this week to complete the review of all seismic and geologic data and to select the site for the initial exploration well to be drilled on this project. The operator is currently negotiating with drill rig contractors and service companies in order to begin preparations for spudding the exploration well which is tentatively planned for March, 1997. All technical work has been finalized and now the final location must be selected, prepared and the drilling rig mobilized. It is anticipated that this initial exploration well will have a total depth of 12,000 feet and take approximately 50-60 days to reach total depth. 3. WEALD weald n. Chiefly British 1. A woodland. 2. An area of open rolling upland. [From Weald, a once-forested area in southeast England, from Old English BASIN (EXL EXL Ethernet Accelerator EXL Expiration Notice (insurance) EXL Expression List EXL Extended Learning 295) - SOUTHERN ENGLAND Southern England is an imprecise term used to refer to the southern counties of England. Differing usages apply the term with varying geographic extents. In most definitions Southern England includes all the counties on the English Channel; from west to east these are: We are waiting for the decision of the operator, Candecca Resources Ltd., as to their choice of drilling locations. They have concluded their seismic and geologic reviews and are waiting for the well data on two remaining wells before committing to a drilling decision. 4. WILLISTON BASIN - RE-ENTRY RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the AND EXPLORATION PROJECT (ARETE a·rête n. A sharp, narrow mountain ridge or spur. [French, from Old French areste, fishbone, spine, from Late Latin arista, awn, fishbone, from Latin, awn. PROSPECT): This Re-entry Project has been delayed until late 1997. During 1996, there were several new exploration discoveries made in the same general area in which the operator was attempting to acquire our leases. These discoveries resulted in driving leasehold prices beyond what we had budgeted. The decision has been made to delay the project until lease prices return to more modest figures. It is anticipated that this should happen during the last quarter of 1997. The Arete wildcat wildcat, common name of two Old World cats, the European wildcat, Felis sylvestris, of Europe and W Asia, and the African wildcat, or kaffir cat, F. lybica, of Africa and Asia. was drilled to a total depth of 3,850 feet and logged weak oil shows. Two zones were tested at noncommercial rates and the well was abandoned. We are currently evaluating all project information to determine whether a second exploratory well is warranted. We anticipate acquiring five miles of new seismic data to aid in our decision and if the new seismic is positive, we may drill another well early in the second quarter of 1997. 5. NEW PROJECTS: Doreal's management is currently negotiating with the Colombian Ministry on Mines and Energy and Ecopetrol, the national oil company of Colombia, in order to obtain attractive, new acreage assignments in both the Llanos and Magdalena Basins. Business relations between the Company and the Colombian government are excellent and one or more new Association Contracts might be obtained in the near future. 6. CORPORATE: Further to our December 17, 1996 news release, this is a reminder that Doreal accelerated the expiry date expiry date expire n → date f d'expiration; (on label) → à utiliser avant ... expiry date expire n → Ablauftermin m of its outstanding common share purchase warrants to January 22, 1997. On Behalf of the Board of Directors James H. Dorman, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Doreal Energy Corporation Ian Gallie, 250/598-9091 or Damien Reynolds, 604/681-2802 http://www.dorealenergy.com |
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