Printer Friendly

NATURAL GAS BOOM COMING TO PACIFIC NORTHWEST

 VANCOUVER, B.C., June 10 /PRNewswire/ -- This Canadian city on the Pacific Coast could soon become a natural gas boom town.
 The British Columbia Government announced today that drilling for gas will start in July on the nearby Fraser River Delta, one of the world's largest unexplored deep sedimentary river basins. The program will begin with two 10,000-foot wells, a few miles from the city limits.
 The drilling program has been politically controversial, and protests had delayed drilling for two years.
 "Research shows the Fraser could contain major reserves of natural gas, but it's not surprising," Wayne Babcock, president of Dynamic Oil Limited (NASDAQ: DYOLF), the company that pioneered the exploration, said today. "There's never been a deep sedimentary river basin on earth that didn't have large reserves of oil or gas. And at 30,000 feet, the Fraser's sedimentary level is one of the deepest."
 For Vancouver's 1.8 million people, finding local natural gas would offer a strong economic boost. The region consumes nearly 100 billion cubic feet of gas a year, which is brought 800 miles by pipeline from northern British Columbia. Transportation costs more than the gas itself, and winter shortages are chronic.
 Natural gas from the Fraser Basin would also be available for the Pacific Northwest area, including Seattle and Portland.
 "The Fraser is the world's 16th largest river delta system, and one of the oldest," Babcock said. "It straddles the U.S. border, covering an area 30 by 80 miles. So this is one of the world's great places to look for hydrocarbons.
 "We couldn't do anything until we had government approval, and satisfied concerns voiced by some local residents."
 For Babcock, a geophysicist, this drilling represents the culmination of ten years' work, starting with his discovery of the Fraser's true age, and the drilling of a demonstration well in 1991.
 "The Fraser was always assumed to be a recent river, dating back to the last ice age 10,000 years ago. That meant perhaps 2,000 feet of sediments, and little oil or gas. Of course, that's why the Fraser was mostly ignored by the big oil companies."
 Working with another geologist, Babcock used computer technology to learn the Fraser actually went back 55 million years, making it one of the world's oldest rivers. The sedimentary level was also surprising. Its depth is about 30,000 feet, which is almost as deep as Mount Everest is high.
 Dynamic Oil Limited and its partners, Conoco Canada Ltd. and Stateside Energy Ltd., expect to finish their drilling by early October. More wells are planned by the partnership for 1994 on their 81,412 acres of land in the Fraser basin.
 -0- 6/10/93
 /CONTACT: Wayne J. Babcock, president; Troy Winsor, investor relations; Michael Bardell, comptroller; or Donald Umbach, vice president of Dynamic Oil, 604-266-3318, or fax, 604-266-0751, or U.S. toll-free, 1-800-663-8072/
 (DYOLF)


CO: Dynamic Oil Limited ST: British Columbia IN: OIL SU:

SM-GK -- NY001A -- 0818 06/10/93 16:58 EST
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 10, 1993
Words:499
Previous Article:TELOR OPHTHALMIC PHARMACEUTICALS, INC. SELLS 375,000 SHARES OF COMMON STOCK THROUGH EXERCISE OF OVER-ALLOTMENT
Next Article:FEDERAL EXPRESS SENIOR OFFICER RECEIVES TECHNOLOGY LEADERSHIP AWARD
Topics:


Related Articles
EAST OHIO GAS AMONG 16 GAS COMPANIES WINNING A.G.A. PUBLIC RELATIONS AWARDS
WILLIAMS, ENRON SIGN LETTER OF INTENT FOR SALE OF LOUISIANA PIPELINE SYSTEM
NORTHWEST PIPELINE TO PLACE EXPANDED FACILITIES IN SERVICE DECEMBER 1
Northwest Pipeline Announces Re-Route in Western Washington
PROJECTS.
FERC Approves NW Natural Interstate Storage Service.
Pacific Northwest gas market outlook.
TransCanada-NW Natural joint venture to build 220-mile transmission line.
NWGA's annual study of the Pacific Northwest natural gas industry: region becoming a hub of pipeline activity.
PSE completes Jackson Prairie Natural Gas Storage expansion.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters