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EURO-PACIFIC RESOURCE GROUP INC./CAMDEN OIL CORP./FORT POINT RESOURCES LTD. ANNOUNCES UPDATE ON DRILLING

 EURO-PACIFIC RESOURCE GROUP INC./CAMDEN OIL CORP./FORT POINT
 RESOURCES LTD. ANNOUNCES UPDATE ON DRILLING
 VANCOUVER, British Columbia, March 5 /PRNewswire/ -- Horizontal drilling of the Steelman D9-15-A8-15-5-4W2M re-entry well has been completed. Total potential oil pay length is 240 meters (787 ft.).
 The well was swabbed at daybreak and free flowed clean oil at 3m(3) per hour or 450 barrels of oil per day (B.O.P.D.). As at 12:00 the operator had choked back the flow to 1.5m(3) per hour. Flowing pressure is approximately 220 pounds per square inch.
 During the flow, the well "kicked" at the equivalent of 1,200 B.O.P.D. for a half hour.
 The initial results of the production indicate an oil discovery of significant proportion with long term recoverable reserves potentially exceeding 300,000 barrels of oil.
 The participating companies expect to drill the adjacent option well immediately after break up. Total cost will be $300,000 and consist of a horizontal re-entry into the now proven Frobisher reservoir.
 Participating interests are as follows:
 Euro-Pacific Resource Group Inc. (Vancouver: ERO) 16.6235 percent
 Camden Oil Corp. (Vancouver: CMD) 18.659 percent
 Fort Point Resources Ltd. (Vancouver: FTP) 17.315 percent
 -0- 3/5/92
 /CONTACT: Euro-Pacific Resource Group Inc., 604-876-0479; Camden Oil Corp., 604-943-6588; or Fort Point Resources Ltd., 902-527-1353/
 (ERO. CMD. FTP.) CO: Euro-Pacific Resource Group Inc.; Camden Oil Corp.;
 Fort Point Resources Ltd. ST: British Columbia IN: OIL SU:


JL -- LA010 -- 5366 03/05/92 10:30 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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