FIELD ACTIVITIES / Highridge Achieves 3,000 BOE/D Target And
Appoints Vice President, Finance
TSE SYMBOL: HRE
JANUARY 20, 1998
CALGARY, ALBERTA--HIGHRIDGE EXPLORATION LTD. ("HRE" - TSE) is
extremely pleased to announce that the target exit rate of 3,000
BOE/d for 1997 was achieved with production of 16 MMcf/d and 1,400
Bbl/d. This continues the significant production growth Highridge
has exhibited from 976 BOE/d in the first quarter of 1996 to 1,944
BOE/d in the first quarter of 1997 and now entering the first
quarter 1998 at 3,000 BOE/d.
The McLeod gas plant started up December 20, 1997. Highridge owns
approximately 10 MMcf/d of capacity in this plant. Additional
production is expected from a well (100 percent BPO (before
payout)) which tested at rates in excess of five MMcf/d from the
Gething and is being tied in this week. Plant capacity will
result in this new well's production being restricted to less than
five MMcf/d. Two other wells which were drilled late in 1997 are
currently being completed.
In Redwater, Highridge has recently drilled and completed a (100
percent working interest) gaswell. Testing of this well is
underway with production of 1 1/2 MMcf/d net to Highridge expected
by the end of February. The 1997 drilling program has taken net
production from 140 to over 400 barrels per day. Up to 20
development oilwells are planned to be drilled this summer.
Highridge has closed acquisitions of 95 percent of the working
interest in a Glauconitic Formation oil pool in Central Alberta as
previously announced. Highridge has also disposed of minor
interests in three non-operated areas in Alberta for $2.8 million.
Mr. Martin Wares, C.A. was appointed Vice President, Finance
effective December 1, 1997. Mr. Wares is a Chartered Accountant,
with extensive experience in the junior Oil and Gas sector. Mr.
Wares has been employed at Highridge since mid-1994 as Controller.
This appointment reflects Mr. Wares increasing responsibilities
due to the continuing growth of Highridge.
Highridge is a public oil and gas company active in central
Alberta, Canada. The common shares of Highridge are listed on The
Toronto Stock Exchange and trade under the symbol "HRE". |
