Newport Petroleum reports significant gas discovery.
Newport and the operator, Anderson Exploration Ltd., each have a 50% interest in the 13-17 well. Newport owns an interest in 5,440 gross (2,480 net) acres of land offsetting the discovery and has negotiated options to earn interests in an additional 12,480 gross acres.
The 13-17 well is approximately three miles east of the Anderson Dunvegan Gas Plant which has capacity available to process gas from the new pool. A pipeline project to tie-in the 13-17 well is scheduled for completion in July, 1995. Two additional drilling locations have been identified and are currently being evaluated.
The Dunvegan discovery is southeast of Newport's June, 1994 Kiskatinaw gas discovery at George where two follow-up wells have been drilled and completed. During the second quarter, the Company expects to drill a fourth well and construct a six mile pipeline to connect the George wells to the Dunvegan Gas Plant. Initial production from George is estimated to be about 5 mmcf per day net to Newport who is the operator of this project.
CONTACT: Sid Dykstra, Executive Vice-President
Maurice L. Randall
Vice President, Marketing &
INDUSTRY KEYWORD: MINING OIL/GAS REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or
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|Date:||Apr 27, 1995|
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