Jim....News out on OEL on the CDNX
Osprey Energy Ltd - News Release
Osprey Energy wells commence production
Osprey Energy Ltd
OEL
Shares issued 5,334,288
2000-09-11 close $2.55
Tuesday Sep 12 2000
News Release
Mr. Gary Malone reports
Osprey Energy has commenced production on an additional six wells in its
Northern Louisiana Cotton Valley field. Three more wells are anticipated to be in
production by the end of the year. The property, awaiting final approval from the
Canadian Venture Exchange, is in excess of 20,000 acres in four counties.
This field has nine Austin Chalk wells and three Cotton Valley wells, each with a
total depth of over 18,000 feet, as well as one salt water disposal well. All wells
were drilled in 1997-1998 by a major and 11 of the 12 wells are fully equipped
and tied in to gas pipelines. The Crosby 36A was drilled and completed but never
tied in. The company owns all equipment and pipelines throughout the acreage.
The Giddens well, is currently being operated by Anadarko and producing in
excess of 200,000 cubic feet per day (net to Osprey). BPR Energy is operating
the Crowell 3, Crowell 7, Temple 16, Crosby 24 and Bailey 32, which are
producing a total of 185 barrels of oil per day and 650,000 cubic feet per day.
The Pool No. 1 well is producing 50,000 cubic feet per day. Production will be
increased once scheduled remedial work is completed on each well.
Engineering reserve reports and well logs acquired with the property estimate the
field contains in excess of two million barrels oil and over 12 billion cubic feet of
gas.
The three Louisiana properties, which have 14 wells producing over 350 barrels
of oil per day and one million cubic feet per day, are the Cotton Valley,
75-per-cent working interest (seven wells), Bayou Choctaw Field, 60-per-cent
WI (five wells), and the Livingston Field, 30-per-cent WI (two wells). The Jenner
No. 1 (12.9-per-cent WI) and Jenner No. 2 (5-per-cent WI) properties in central
Alberta are also producing positive cash flow.
The company is continuing to pursue opportunities in the oil and gas marketplace
to enhance shareholder value by increasing cash flow and building reserves.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
The Osprey |
