Icon Energy Limited Announces a Successful Drilling Program and Substantial Increases in its Oil and Gas Reserves.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Oct. 24, 1996--ICON ENERGY LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). , ME:IOE IOE Institute of Education (UK) IOE International Organisation of Employers (Geneva, Switzerland) IOE Industrial and Operations Engineering IoE Institute of the Environment (UCLA) .) -- Icon Energy Ltd. is pleased to announce the results of its 1996 summer and fall drilling program and its current reserve and economic evaluation as at September September: see month. 30, 1996. Icon participated in the drilling and re-completion of 13 wells (net 2.5 wells) resulting in nine oil and gas wells, three successful re-completions and one unsuccessful re-completion (net 2.4 successful wells). Highlights include: - Two Souris Souris (s  r`ĭs), river, c.450 mi (720 km) long, rising in S Sask., Canada, and flowing southeast with a great loop into N.Dak. (passing Minot), then N and NE to the Assiniboine River in SW Man. Valley oil wells at Antler, Saskatchewan Antler (2006 Population 40) is a village in southeastern Saskatchewan, Canada, approximately 120 km east of Estevan and 3 km from the Manitoba border.According to the Canada 2006 Census:
Saskatchewan (səskăch`əwən, –wän', săs'–), province (2001 pop. 978,933), 251,700 sq mi (651,903 sq km), W Canada. ; and the discovery of three oil and gas pools in the Leduc area of Alberta. The Corporation's reserve and economic evaluation, as prepared by Chapman Petroleum Engineering Limited, shows significant increases in all aspects of Icon's reserve base and includes the results achieved during the nine months ending September 30, 1996. Highlights include: -0- -- The value of reserves classified as proven producing (15 percent discounted) has increased by 270 percent; -- Proven reserves have increased by 122 percent; -- Total proven and probable reserves (risked at 50 percent) have increased by 69 percent; -- Daily oil production has increased by 169 percent from 45 to a current rate of 121 BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip per day with a projected exit rate at year end of 316 BOE per day for an overall increase during the year of 271 BOE per day (602 percent). The remainder of the year will see the Corporation complete its facility construction at Lathom (100 percent working interest) and continue to expand its facilities at Carrot carrot, common name for some members of the Umbelliferae, a family (also called the parsley family) of chiefly biennial or perennial herbs of north temperate regions. Creek (99 percent working interest) and Leduc (15 percent working interest). -0-
Net reserves and cumulative cash flows are summarized below:
RESERVES
________
DECEMBER 31, 1995 SEPTEMBER 30, 1996 PERCENT
LIQUIDS GAS MBOE LIQUIDS GAS MBOE CHANGE
MSTB MMCF MSTB MMCF
Proven
Producing 140.5 200 160.5 291.5 378.7 329.4 105
Proven Non-
Producing 246.3 4,500 696.3 931.6 6,420.2 1,573.6 126
_____ _____ ______ _______ _______ _______ ___
Total Proven 386.8 4,700 856.8 1,223.1 6,798.9 1,903.0 122
Probable 1,124.1 400 1,164.1 956.4 1,097.2 1,066.1 8
Total Proven (approx.)
+ Probable 1,510.9 5,100 2,020.9 2,179.5 7,896.1 2,969.1 47
Total Proven +
50 percent
Risked
Probable 948.9 4,900 1,438.9 1,701.3 7,347.5 2,436.1 69
RESERVE VALUE
_____________
($000 Except Share Values)
(Discounted at 15 percent)
Percent
December 31, 1995 September 30, 1996 CHANGE
_________________ _________________ ______
Proven Producing 473.3 1,752.0 270
Proven Non-
Producing 4,124.7 12,253.9 197
_______ ________
Total Proven 4,598.0 14,005.9 204
Probable 12,010.7 8,998.1 approx. 25
________ ________
Total Proven
Probable 16,608.7 23,004.0 38
Total Proven +
50 percent risked
Probable 10,603.3 18,504.9 74
Per Share Risked $0.46 $0.76 65
Per Share
Unrisked $0.73 $0.93 27
Icon's track record of rapid growth in both cash flow and reserves will continue with a capital budget of over $2 million derived from cash flow (55 percent), equity (20 percent) and bank financing (25 percent). The Corporation's budget will allow it to fully realize the value of its internally generated prospects, participate in current on-going drilling programs and continue constructing facilities required to convert existing proven reserves to producing status. The Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and the Alberta Stock Exchange have neither approved nor disapproved of the information contained herein. CONTACT: Icon Energy Limited H.R. Nodwell, 403/233-7214 |
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