Magin Energy-MGY on TSE Message Board

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Gold/Mining/Energy : Magin Energy-MGY on TSE

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To: RIK who wrote (37)	5/11/2000 9:57:00 AM
From: kingfisher	of 92

Forest oil have announced an increase of U.S.$10 million for Cutpick (Copton) development. I have pasted some old news from previous release concerning Copton from Forest oil news release. ......................................................... THE FOOTHILLS -- CUTPICK Forest (40 to 57% working interest) participated in two wells during the first quarter of 2000. The first well, 15-17-59-9W6, was completed on March 25th and was successful with pay indicated in three zones. The well is awaiting completion operations, which will start as soon as road conditions permit. The second well, 10-10-59-9W6, is still drilling and to date has indicated pay in three zones. It is expected that flow test results will be available in June. Forest also acquired additional land in the area during the first quarter and currently has an interest in 73 sections of land surrounding this play. A re-entry of an existing well is planned to access bypassed pay in two zones following the completion of the 10-10 well. A second rig has been scheduled with an additional well planned to spud by mid-July. Forest has budgeted nine additional wells at Cutpick by the end of 2001. A 35-mile 3-D seismic program is being conducted during May to confirm drilling locations. A 23-mile pipeline has been surveyed to connect this property to the NOVA System. Engineering design is underway for a gas processing facility and pipe-rolling space has been reserved in order to procure pipe for a fall construction schedule. The pipeline is anticipated to have capacity up to 140 mmcf/d. Production is anticipated to commence near the end of 2000.

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