FIELD ACTIVITIES TOP 20 LISTED / Canadian 88 Energy Corp.
Kicks-Off New Deep Gas Multi-Well Drilling Program in
Caroline/Chedderville/Willesden Green Area
TSE, ASE, AMEX SYMBOL: EEE
JUNE 15, 1998
CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta,
announced today that it is commencing the drilling of the first
well in a multi-well drilling program planned over the next six
months in the Caroline/ Chedderville/ Willesden Green area of West
Central Alberta, targetting deep natural gas accumulations in the
Leduc formation.
Canadian 88 announced today that it is preparing to spud a new
pool wildcat well at L.S.D. 7 of Sec. 15, Twp. 37, Rge. 5 W5M in
the Willesden Green area of West Central Alberta. The new deep
pool test will be drilled at a cost of approximately $2.5 million
into the Leduc formation to a total depth of 3,400 meters (11,155
feet). The well which is being drilled 100 percent by Canadian 88
in association with its Rocky Mountain Exploration (RMX) Fund is
the first of a new multi-well drilling program planned for the
area by Canadian 88 targeting reserve accumulations of 20 to 50
Bcf/well. Canadian 88 has significant holdings in the area and
recently expanded its interests in the area by adding 27,200 net
areas of high quality undeveloped lands alongside a strategic
asset acquisition completed in the area for $45 million May 15,
1998. Significant drilling opportunities have been identified and
Canadian 88 plans to drill six deep natural gas wells in the area
during 1998. Canadian 88 Energy Corp., RMX and Western
Geophysical Company recently completed the shooting of 110 square
miles of high resolution 3-D seismic in the area. The L.S.D. 7 of
Section 15 wildcat well is being drilled on parcel of land
identified by the seismic program and successfully acquired by
Canadian 88 at the April 15, 1998 Alberta Government Land Sale for
a record price of $1.1 million for an average of $4,297 per
hectare.
Canadian 88 has budgeted $175 million of capital spending in
Western Canada during 1998 alongside its $150 million Rocky
Mountain Exploration (RMX) Fund focusing on deep foothills natural
gas exploration and development. Canadian 88 is the leading deep
natural gas driller in the Alberta foothills and the Company also
leads the industry in Canada in the application of high resolution
3-D seismic having shot over 1200 square miles of data in Western
Canada with the Western Geophysical Company over the past 24
months.
Canadian 88 Energy Corp. (EEE) is an independent public oil and
gas company with the head office in Calgary, Alberta, Canada.
The shares of Canadian 88 Energy Corp. are traded on the Toronto,
Alberta and American Stock Exchanges.
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