Printer Friendly

ARAKIS REPORTS ADDITIONAL GAS DRILLING SUCCESS

 VANCOUVER, British Columbia, June 28 /PRNewswire/ -- Arakis Energy Corporation (NASDAQ: AKSEF) today announced continued success with the latest six natural gas wells drilled and completed on the company's approximately 100,000 acres of lease lands encompassing ten different company-owned natural gas fields in the Appalachian Basin. These wells are part of an on-going 50-well exploration and development program in southeastern Kentucky and northeastern Tennessee. Arakis owns a 100 percent working interest in the program.
 The drill program has been designed to intersect the Mississippian- aged Big Lime and Waverly gas-producing formations, plus test the Devonian-aged Black Shale formation through 2200' to 2500'. Here are the most recent results:
 -- Chambers/Cornett No. 1 -- open flow tested 2,200,000 CFG/D (cubic feet of gas per day)
 -- Chambers/Cornett No. 2 -- open flow 14,500 CFG/D; being evaluated for possible treatment
 -- Jackie Smith No. 1 -- open flow 50,000 - 60,000 CFG/D; being evaluated for possible treatment
 -- Hugh Perkins No. 1 -- open flow 180,000+ CFG/D
 -- Kerns Meadors No. 1 -- tight hole
 -- Morris Shelly No. 1 -- tight hole; drilling in progress (confirmation well)
 The results for the Kerns Meadors No. 1 and the Morris Shelly No. 1 will be announced shortly. The Kerns Meadors No. 1 has intersected a new gas-bearing formation which Arakis' geological staff are evaluating thoroughly prior to releasing flow-test results.
 Arakis Energy Corporation is a Canadian-based, publicly traded oil and gas exploration and development company which is actively developing reserves in the Appalachian Basin of the U.S., in addition to the development of a 60 million acre oil concession in the Republic of Sudan. Arakis' common shares are traded on the NASDAQ system in the U.S. ("AKSEF") and on the Vancouver Stock Exchange in Canada ("AKS").
 -0- 6/28/93
 /CONTACT: Terry Alexander or David Robinson of Arakis Energy Corporation, 800-665-7037, or 604-685-7933, or Greg Witchel of Scharff, Witchel & Co., Inc., 212-983-1060, for Arakis Energy Corporation/
 (AKSEF)


CO: Arakis Energy Corporation ST: British Columbia IN: OIL SU:

TS-MP -- NY074 -- 6422 06/28/93 16:40 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 28, 1993
Words:344
Previous Article:FLORIDA $300 MIL. GO BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:BEAR STEARNS MORTGAGE CERTIFICATES 1993-7 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
ARAKIS ENERGY ANNOUNCES CDN$5M FINANCING FOR NATURAL GAS DEVELOPMENT
ARAKIS ENERGY CORP. SECURES EQUITY FINANCING FOR NATURAL GAS DRILLING IN KENTUCKY
ARAKIS ENERGY CORP. ARRANGES FURTHER EQUITY FINANCING
ARAKIS ENERGY CORPORATION SPUDS WELL NO. 14 OF CURRENT NATURAL GAS DRILLING PROGRAM
ARAKIS ENERGY CORP., SUBMITS DEVELOPMENT PLAN FOR SUDANESE OIL CONCESSIONS
ARAKIS COMPLETES ANOTHER SUCCESSFUL NATURAL GAS WELL; NEGOTIATIONS CONTINUE ON SUDAN PRODUCTION SHARING AGREEMENT; LONDON OFFICE OPENED
GARNET ANNOUNCES DRILLING AGREEMENTS IN PAPUA NEW GUINEA
SUDAN - The Oil Sector.
SUDAN - The Oil Sector.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters