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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (14218)	12/11/1998 3:59:00 PM
From: Kerm Yerman	of 15196

IN THE NEWS / Valve Lowered Onto Well Blowout At East Hills December 10, 1998 The Bakersfield Californian Crews from Boots & Coots International Well Control on Thursday placed a new blowout preventer valve on the out-of-control gas well near Lost Hills, marking a milestone in the weeks-long effort to tame the well. The new valve diverted the water, natural gas and oil flowing from the well into two 7-inch pipes, which carried the materials to pits, where the gas will be flared. The well burned furiously for two weeks before it began producing enough water to quench the flames earlier this week. The well was being drilled by a Canadian firm, Bellevue Resources Inc., a subsidiary of Elk Point Resources Inc. of Calgary. Eleven other U.S. and Canadian oil and gas companies also own an interest in the wildcat. Mineral rights for the well are leased from Chevron USA, which will receive a 25 percent royalty for any oil or gas produced. The drilling site is about 11Ú2 miles from the nearest producing oil field and about two miles west of Interstate 5.

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