Epic sends equipment to Crimea, Ukraine.CALGARY, Alberta--(BUSINESS WIRE)--March 6, 1997--Epic Energy (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EPI EPI exocrine pancreatic insufficiency. .) Epic Energy Inc. announced today that the equipment needed to undertake its aggressive field development and exploration drilling programs in Crimea, Ukraine is enroute to its destination. The Company has acquired and refurbished three western drilling and completion rigs with a supply of spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. for onsite maintenance in Ukraine. Accompanying the rigs are a full complement of vehicles, tubulars, pumping equipment and other oilfield and office equipment necessary to upgrade the Company's Ukraine program into a world-class international production operations unit. The Ukraine national staff is being expanded and trained to undertake this new phase of operations. The shipment has departed Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the with an expected arrival at Kerch, Crimea by mid-March. Targeted oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. and prospects are less than 75 km distance from the port. After all of the equipment and materials have cleared Ukraine customs and the obligatory field inspections have been completed, the Company plans to immediately deploy the existing drilling rig and one completion rig to continue development of the Aktash field. The other drilling and completion rigs will drill confirmation and test wells, and perform workover operations in several other known and prospective oil fields. The known field discovery candidates are Voykov, Preozernoe, Moshkarev, and possibly Borzov. The prospective oil fields which possess virtually identical geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. characteristics are Alagol, Salin, Vinograd, Belocamen, North Nasirsk, and Otrada. One of the new drilling rigs is a fully upgraded Cabot 550 which is capable of drilling to depths of 2,500 metres. After obtaining the necessary Ukraine and Crimean approvals and permits, the Company plans to drill deep exploratory wells on the flanks of the shale diapirs that form the surface anticlines and structural traps for the shallow oil fields. The Company believes these flanks will contain stacked reservoir pays, similar to on-trend major oil and gas fields of Krasnodar, Russia. Based on this Krasnodar analog, these stacked reservoirs should have substantially greater petroleum reserves than contained in the smaller anticlinal anticlinal /an·ti·clin·al/ (-kli´n'l) sloping or inclined in opposite directions. an·ti·cli·nal adj. Inclined in opposite directions, as two sides of a pyramid. features, such as Aktash, formed on the top of these diapiric structures. Record rainfall in the normally semi-arid region of the Kerch peninsula has rendered field conditions as muddy as spring break-up in northern Alberta Norhern Alberta is a region located in the Canadian province of Alberta. Its primary industry is oil and gas, with large heavy oil reserves being exploited at the Athabasca Oil Sands and Wabasca Area in the east of the region. . Further road-building, electrical line construction and drill-site construction have been deferred until the more-common dry easterly winds have remedied the situation. The existing onsite drilling rig has been used to workover and install pumping equipment in the Aktash wells, while awaiting improved ground conditions before moving onto location for drilling well no. 107-05. This well location is near the top of the Aktash structure and will test for the presence of a gas cap. The Company's new executive management team has recently returned from meetings in Kiev, Simferopol, and trips to the oil fields on the Kerch peninsula, eastern Crimea. Ronald K. Cormick, 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. , and President, reported that Bill Daily, COO, and John Spronk, CFO See Chief Financial Officer. , were impressed with the Company's local management, its partners and the overall magnitude of the petroleum potential within the Company's contract area. Mr. Cormick confirmed that the approval and permitting process for drilling the planned wells in 1997 is virtually complete. He said that the Company's Ukraine subsidiary, KrymTexasNafta, has requested confirmation from Kiev authorities regarding its tax and customs exemptions, and expects a formal response imminently. KrymTexasNafta believes that such documents will help expedite the local approval process for the Company's importation of equipment and oil sales. Epic and its Ukraine partner, Krymgeologia, have a production sharing agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. to explore and develop oil and gas resources within the 11,000-square-mile region of Crimea where oil and gas have already been discovered. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED INFORMATION CONTAINED HEREIN. CONTACT: Epic Energy Inc. Ronald K. Cormick, 403/543-5670 403/543-5675 (FAX) epiccan@earthlink.net |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion