Hegco Canada HEG:A 63,000 .75 +.20 Receives permit to drill
Arkansas oil well and resumes drilling on Oklahoma well. Large
potential.
Subject 17869
Dec. 4 - HEG.ASE - HEGCO OBTAINS PERMITS FOR ARKANSAS RE-ENTRY AS DRILL RIG MOVES ON SITE IN OKLAHOMA
The President and Chairman of HEGCO
Canada, Inc., Douglas C. Hewitt, announced today that HEGCO has obtained the
necessary permits to re-enter and complete its project in the Arkoma Basin
region of Arkansas. The Company has retained Professional Petroleum
Engineering to oversee the re-entry operations, logging and testing of the El
Grande well. Management is now working to establish a specific date for the
re-entry.
HEGCO is also pleased to announce that a drill rig is moving onto the
site of the Nemaha No.4 well, in the Oklahoma Three Sands Field project, to
resume drilling today. With the resumption of drilling, management expects to
put on multiple productive zones through a multi-well program. The previously
announced production testing of the Nemaha No.2 continues at a restricted
production level of 50 bbls per day. The current flow rate is strong and
consistent.
HEGCO Canada, Inc., is an Alberta, Canada corporation traded on the
Alberta Stock Exchange under the symbol ''HEG''. The Company is an oil and gas
production, servicing and drilling company operating in Oklahoma and Arkansas.
On Behalf of the Board:
Douglas C. Hewitt,
Director, Chairman
For further information: Kelly A. Boatright, Investor Relations: (800) 492-9572, Fax: (704) 588-6007
cheers,
kent@investor1.com
Subject 17869 |
