FIELD ACTIVITIES / Canadian Forest Oil Ltd enters Joint Venture
CALGARY, Feb. 11 /CNW/ - Canadian Forest Oil Ltd. has entered into a
joint venture with Ranger Oil Limited encompassing three exploration
licenses in the Central Mackenzie area of the Northwest Territories. The
Exploration Licenses, covering 460,000 acres, are located approximately six
miles from Norman Wells, the fourth largest oilfield in Canada, and are in
close proximity to the underutilized Mackenzie Valley Pipeline. Under the
terms of the joint venture, Canadian Forest will earn a 50% working interest
in two of the Licenses and a 25% working interest in the third.
The joint venture will undertake an initial three-well program to test
prospects on each license, with the anticipation that all three wells will be
drilled during the current winter drilling season. The first well is now
drilling with the spudding of the second well anticipated within the next week
or two.
This joint venture complements Canadian Forest's other activity in the
Northwest Territories where the Company is participating with Ranger Oil Ltd.
in the P-66A well currently drilling at Flett in the Ft. Liard area of the
Southern Mackenzie Valley.
In addition, the Company has retained varying interests in 20 oil and/or
gas Significant Discovery Leases (SDL's) in the Beaufort Sea - Mackenzie
Delta area and one SDL in the Sable Island area off Canada's east coast.
Canadian Forest Oil Ltd. is a wholly owned subsidiary of Forest Oil
Corporation (NYSE:FST) of Denver, Colorado. Canadian Forest is actively
involved in the exploration and production of oil and gas as well as the
marketing of natural gas through its wholly owned subsidiary, Producers
Marketing Ltd. (ProMark). |
