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NAHAMA & WEAGANT ANNOUNCES THREE NEW WELLS IN ITS OREGON MIST GAS FIELD

 BAKERSFIELD, Calif., Sept. 13 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ-NMS: NAWE) today announced it has three new gas discovery wells in its Mist Gas Field near Portland, Ore. The three wells tested at an aggregate of 5.5 million cubic feet of gas per day (Mmcfd). The company, which owns approximately 42 percent of these new wells, has now drilled 10 wells in Oregon during 1993, five successfully.
 Although the most recent of these wells, the Condor 43-32-65, tested at approximately 2.1 Mmcfd, the company expects to produce the well at rates of up to 5 Mmcfd, one of the highest producing rates of any well ever drilled in Oregon, including wells drilled by the field's prior owner, ARCO. The well is an ideal candidate for a gas storage facility, and the company plans to eventually utilize the facility for self- storage, market the space to other interested parties or trade storage capacity for producing gas reserves elsewhere.
 The company said it plans to drill at least four more exploration wells in Oregon this year and expects soon to submit a request for proposals for its Calvin Creek Gas Storage Facility, also located at Mist, with responses to same expected back by the end of October 1993. The facility is expected to provide a working storage capacity of approximately 7 billion cubic feet (Bcf). The company has received numerous inquiries from Canadian gas producers, electric generating companies, and pipeline companies regarding the facility, some of whom have future needs for gas storage which exceed 7 Bcf. However, to satisfy this additional demand, the company believes it has numerous other potential storage facilities in Oregon and in northern California, which could provide an additional 40 to 60 Bcf of aggregate working gas storage capacity.
 Based in Bakersfield, Nahama & Weagant Energy Company is primarily engaged in exploring for, developing, producing and selling natural gas and, to a lesser extent, crude oil, primarily in California and Oregon. The company's common stock is traded on the NASDAQ National Market System under the symbol "NAWE."
 -0- 9/13/93
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant Energy Company, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060/
 (NAWE)


CO: Nahama & Weagant Energy Company ST: California, Oregon IN: OIL SU: DSC

CK-TW -- NY056 -- 1316 09/13/93 12:38 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:385
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