Forest Oil Corporation and Ranger Oil Limited Temporarily Suspend Testing of Fort Liard Northwest Territories N-61 Well Due to Seasonal Weather Factors.DENVER--(BUSINESS WIRE)--Oct. 8, 1999-- Forest Oil Corporation and Ranger Oil Limited jointly announce they have temporarily suspended operations on their N-61 well on the Liard Plateau in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. due to seasonal weather factors. The companies drilled the N-61 well to total depth in September of this year and began preparing the well for testing using an open hole completion technique. The companies had maintained the large rig that drilled the well on location for completion and testing purposes. However the Liard River, which must be crossed to service the well location, is subsiding to a level where the companies must immediately move the drilling rig across the river or risk having it stand idle and subject to an expensive standby fee Standby fee Amount paid to an underwriter who agrees to purchase any stock that is not purchased by public investors in a rights offering. standby fee . The companies have not yet tested the well bore where gas was indicated on the logs. Early results from the preliminary completion work on the well have not changed the original expectations related to the potential productivity of the well. Current plans of the companies are to construct an ice bridge across the river and bring a service rig to the N-61 well location to resume attempts to test and complete the well. Based on past winter conditions, it is estimated these operations will begin in December of this year. Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America. Forest's principal reserves and producing properties are located in the United States in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , Louisiana, Texas and in Canada in Alberta and the Northwest Territories., Forest's common stock trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol FST See flat screen. . Ranger Oil Limited is an independent Canadian oil and gas company with a long history of domestic and international exploration, development and production. The Company has been active in Canada's Western Sedimentary Basin for more than 40 years and the North Sea for more than 30 years. Other operational areas include the US Gulf of Mexico, Angola and Cote d'Ivoire. Shares are listed on New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Toronto, Montreal and London Stock Exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . |
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