FIELD ACTIVITIES / Canadian 88 Energy Announces New Discovery
CANADIAN 88 ENERGY CORP.
TSE, ASE, AMEX SYMBOL: EEE
APRIL 23, 1998
Canadian 88 Energy Corp. Announces Natural Gas Discovery
at Lone Pine Creek and Prepares to Spud New Wildcat Well
at Willesden Green
CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta,
announced today a new natural gas discovery in the Lone Pine Creek
area of Central Alberta. The Company said today in Calgary that
it has successfully completed the drilling and testing of its
L.S.D. 7 of Sec. 26, Twp. 30, Rge. 29 W4M Wabamun test well (100
percent Canadian 88). The well was drilled to a total vertical
depth of 2,533 meters (8,317 feet) with an 1,193 meter (3,914
feet) horizontal leg drilled thereafter into the Wabamun
formation. Extensive testing of the well indicates that the well
should produce in excess of 9 mmcf/d of natural gas and 150
barrels/day of natural gas liquids. Construction operations are
currently underway to tie the discovery into Canadian 88's 100
percent owned Olds/Crossfield plant.
In addition, Canadian 88 announces today that it is preparing to
spud 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 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 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 successfully acquired Section
15-37-5 W5M 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 based on 110 square miles of high resolution 3-D seismic
recently shot in the area by Canadian 88 Energy Corp., RMX and
Western Geophysical Company.
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 Energy Corp. (EEE) is an independent public oil and
gas company with head office in Calgary, Alberta, Canada.
|
