FIELD ACTIVITIES / Raptor Capital Material Change Statement & Update
RAPTOR CAPITAL CORPORATION
CALGARY, Feb. 12 /CNW/ - Norman J. Mackenzie, President of Raptor Capital
Corporation, at the request of the Alberta Stock Exchange, announces that
there is no material change in the Company to account for current trading in
the shares of Raptor. However, Raptor plans an aggressive acquisition,
development and exploration program over the next several months to include:
Minton, Saskatchewan: Raptor will complete the re-entry of two wells,
one Winnipegosis producer and one Red River producer. Both wells will be
drilled horizontally with two legs of 400 meters in each well and projected
production rates of 500 BOPD per well. Raptor has an 85% working interest in
approximately 2,800 acres in the area. If successful, Raptor will re-enter up
to three additional wells during 1998 completing similar horizontal
procedures.
Central Alberta: Raptor intends drilling three wells to test Glacounite
and Basal Quartz natural gas potential by April 1998. Potential reserves for
these prospects are 4-8 Bcf with production potential of 1.5 to 2.5 Mmcf/day
per well. Raptor has over twenty additional prospects identified from a
recent acquisition of over 5000 km of seismic and the Company will continue to
acquire lands for the drilling of these prospects.
Turner Valley, Alberta: Raptor has a 24% working interest in over 4000
acres in the Turner Valley area of Alberta. Raptor intends to drill a 3500
metre exploration well on its property during 1998. Raptor's lands are
located within 2.8 miles of the recently drilled IMP Berkley 2-21-21-3 W5 well
which is currently testing.
Raptor is also negotiating the acquisition of proven producing properties
in Alberta and a development property, in Florida, U.S.A. |
