FIELD ACTIVITIES / Circle Energy drilling Well in mid June
CALGARY, April 21 /CNW/ - Circle Energy Inc. has booked a CanTex rig to
drill a well targeting a Nisku reef at Brazeau River, Alberta. Drilling will
commence in mid-June and it will take approximately 45 days to reach the
target depth of 3,100 metres. Based on immediately offsetting producing wells
in the Nisku 'P' pool, this gas condensate well has the potential to net
Circle in excess of 1,000 boe/d with long-life reserves. Circle has a 75%
working interest before payout, 52.5% working interest after payout. Payout
of the Nisku well is defined as 200% of capital expenditures.
The Morinville, Alberta gas well has been completed and will be tied-in
by mid-May. The gas well at Brazeau River, Alberta has also been completed
and tie-in is expected by June 1, 1998.
Circle Energy Inc. is a petroleum and natural gas exploration company
that holds oil and gas leases in the Brazeau, Waskatenau and Morinville areas
of Central Alberta and in Guadalupe, Lea and Quay Counties in New Mexico, USA.
The Company's shares trade on The Alberta Stock Exchange under the symbol
CEN. |
