More good news from the area.
Canadian 88 Energy Corp
EEE TSE
February 25, 1999
Successfully Completes Strachan Natural Gas Discovery
CANADIAN 88 ENERGY CORP ("EEE-YADQ;CEEYF-L")
- Successfully Completes Strachan Natural Gas Discovery
Canadian 88 Energy Corp. of Calgary, Alberta announced that it has successfully completed its Strachan natural gas discovery well at LSD. 15-33-37-8 W5M (76 percent Canadian 88 W.I.) which was recently drilled into the Leduc formation to a total depth of 3,868 meters (12,691 feet).
The Strachan discovery well has encountered significant hydrocarbons in the Leduc formation with gross pay in excess of 80 meters and has been successfully completed with an A.O.F. of 32.5 mmcf/d of natural gas and is estimated to be capable of producing up to 10 mmcf/d on a sustained basis. Tie-in operations into Gulf Canada Resources Ltd.'s Strachan Gas Plant are currently underway with the well expected to be on production within the next two weeks.
On the exploration front, Canadian 88 currently has five rigs drilling deep gas prospects in the Alberta foothills with an additional drilling rig operating on a deep gas prospect in southwest Wyoming.
Canadian 88 has budgeted $150 million of capital spending in Western Canada during 1999 alongside its 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 its head office in Calgary, Alberta, Canada.
The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges.
TEL: (403) 974-8800 Greg Noval, President, Canadian 88 Energy Corp.FAX: (403) 974-8811TEL: (403) 974-8800 Cam Taylor, V.P. Exploration, Canadian 88 Energy Corp.FAX: (403) 974-8811 |
