Midas Resources Ltd. Announces Hackett Gas Well At Gadsby.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 18, 1998--Midas (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MDS MDS, n See temporomandibular pain-dysfunction syndrome. MDS 1 Maternal deprivation syndrome, see there 2 Myelodysplastic syndrome, see there .) Midas Resources Ltd. ("Midas") today announces its sixth successful Hackett gas well in the Gadsby area. Midas has a 43.75 percent working interest in the well, which flowed 4.6 million cubic feet per day on drill stem test In oil and natural gas extraction, the drill stem includes the drill pipe, drill collars, bottomhole assembly, and drill bit. A drill stem test (DST) is a procedure for testing the surrounding geological formation through the drill pipe. . The flow rate from the Hackett sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz indicates the well has an absolute open flow potential of 40 million cubic feet. Midas plans to have the well on stream by the beginning of April at a rate of 4 million cubic feet per day, since the well is located within one half mile of Midas' existing gas gathering system. The gas is being marketed to Pan-Alberta Gas. Midas has varying working interests in 13 Hackett sand gas wells in the Gadsby, Hackett and Fenn-Big Valley areas and interests in 26,500 gross (9,000 net) acres. The majority of Midas' 1998 capital budget will be spent in this focus area. For information on the Company, please visit our website at: http://www.midasres.com. CONTACT: Midas Resources Ltd. Ernie Toews, 403/290-1600 Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.midasres.com |
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