FIELD ACTIVITIES / TUSK Energy Announces Spudding of Strachan
Well
TUSK ENERGY INC.
TSE, ASE SYMBOL: TKE
FEBRUARY 13, 1998
CALGARY, ALBERTA--TUSK Energy Inc. announces that drilling
commenced at the Strachan 3-22-38-9 W5M location on February 13,
1998.
TUSK holds interests in 16 1/2 sections on the Strachan prospect
(50 percent in 6 sections and 25 percent in 10 1/2 sections).
The 3-22 well, a 4,479 metre Swan Hills test will evaluate
numerous potential zones in a prospect defined by both 2-D and 3-D
sesimic. Primary targets are the Leduc and the Mississippian,
both of which produce in the area.
The well is being drilled on TUSK 50 percent lands. TUSK will
participate for 10 percent and farm out 40 percent (subject to a
net 6 percent GORR to TUSK) to hold a 30 percent after payout
interest in the four section earning block. TUSK is the largest
after payout working interest owner in this block.
Loon Energy Inc., a public company of which TUSK is the largest
shareholder, will participate for 10 percent of the well (5
percent APO).
TUSK will participate in wells at Meekwap (17 percent - Nisku
oil), Pine Creek (20 percent BPO and 40 percent APO - Bluesky gas)
prior to the end of the first quarter. In addition, a third party
has committed to drill a well on 3 1/2 section TUSK prospect at
Entwistle (TUSK - 60 percent BPO). |
