DRILLING COMMENCES ON PICO ANTICLINE PROSPECT
DRILLING COMMENCES ON PICO ANTICLINE PROSPECT LOS ANGELES, March 3 /PRNewswire/ -- Riva Petroleum Inc.
(Vancouver: RVA) announced that drilling operations have commenced on the Pico Anticline Project situated in northern Los Angeles County. An electrically powered drilling rig, rated for depths of up to 25,000 feet, was moved onto the location last week. The rig will first mill out approximately 600 feet of 7-inch liner in the old wellbore before commencing the directional drilling of approximately 6,000 feet of new hole to test the oil potential of the Pico Anticline at depth.
The Towsley No. 1 well was re-entered to its current depth of 10,272 feet during a technically difficult operation which began in late October 1991. The workover rig used for the re-entry portion of the operation was released in mid-January 1992. Riva participates for a 30 percent working interest in the Pico Anticline joint venture which now controls approximately 5,400 acres on and around the structure. The prospect is located in the Ventura Basin approximately 30 miles north of downtown Los Angeles. The Ventura Basin has produced more than 2 billion barrels of oil to date. More than 190 million barrels of oil has been produced from fields within 5 miles of the drillsite. -0- 3/3/92 /CONTACT: Riva Petroleum (investors), 800-667-1660 (U.S. toll free), or 604-685-2286 (in Canada); or Doug Lindeman of Cottrell and Lindeman Associates (media), 213-936-6677 (U.S.A.), or Jill Griffiths of J. Griffiths & Associates, 604-736-5792 (Canada), both for Riva Petroleum/ (RVA.) CO: Riva Petroleum ST: California IN: OIL SU:
EH-JL -- LA012 -- 4345 03/03/92 09:05 EST
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|Date:||Mar 3, 1992|
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