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Gold/Mining/Energy : first star energy FST on the ASE
FST 10.18+0.3%Aug 25 5:00 PM EST
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To: Ed Pakstas who wrote (620)9/30/1998 1:18:00 PM
From: Flea  Read Replies (1) of 754
 
50% WI in freehold mineral rights acquired

First Star Energy Ltd
FST
Shares issued 24,016,195
1998-09-29 close $0.4
Wednesday Sep 30 1998
Mr. John Squarek reports
First Star has acquired a 50 per cent working interest in the freehold mineral rights (surface to basement)
in the west half of section 31-20-3W5M, and the related Cardium oil well (4 bopd). This prospect (Kew
prospect) is approximately 1.5 miles from the recent Shell et al Quirk Creek 1-29-20-3W5M horizontal
well which has been cased as a Mississippian oil discovery. First Star's plans include the drilling of a
horizontal Mississippian test to the same pool (potential for 100 million barrels of oil in place ) and an
additional Cardium oil well. The first well to test this Mississippian structure, Shell-Home Kew
6-31-20-3W5 had initial flow rates of 54m3/d oil and 26 m3/d water. The zone was abandoned because
of the water production. It is felt that this water problem can be overcome by drilling a horizontal well
which does not contact the water zone. There is also additional natural gas potential from a deeper thrust
sheet which could be tested in the deep well.
First Star also advises that the first well in a five well shallow gas program in Johnson County Kentucky
spudded on Sept. 29, 1998 (25.0 per cent W.I.). The wells are expected to average approximately 200
mcfd each. The five wells should be completed by the end of October, and tie-in to the sales gas line is
expected by Nov. 15, 1998. Current gas price in the area is $3.48.
At Strachan, Alberta, final design of the pipeline to the Strachan gas plant and the wellhead facilities is
under way. Plans are to have the well onstream in January 1999 (First Star 20 per cent BPO, 25 per cent
APO).
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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