PROPERTY ACQUISITION / AltaQuest Energy Corporation Announces
Closing of Sylvan Lake Acquisition
ASE SYMBOL: AQF
FEBRUARY 24, 1998
CALGARY, ALBERTA--ALTAQUEST ENERGY CORPORATION ("AQF") announces
that it has closed the previously announced acquisition of a
natural gas property in the Sylvan Lake area of Alberta. The
acquisition, effective December 1, 1997, has strategic value in
AltaQuest's existing core area of Sylvan Lake. The upside
potential of the property will be realized in 1998 with well
recompletions, development drilling and plant optimization.
AltaQuest plans to drill five wells in the area this year with net
forecasted 1998 exit production from the property expected to be
750 barrels of oil equivalent per day (BOE/d).
AltaQuest plans to drill up to five wells (24.5 percent working
interest), starting in June of this year, on its Fiskerton
discovery in the United Kingdom. With these wells, and an
anticipated pipeline tie-in in June of 1998, net production should
average 165 barrels of oil per day in 1998 and exit the year at
630 barrels of oil per day. This production, along with our
domestic forecasted production, nets the company an average 900
BOE/d and exit 1998 at 1500 BOE/d.
As well, AltaQuest has secured a rig for its next exploration
location at Newton-on-Trent (20 kilometres to the west of
Fiskerton) and anticipates a spud date within the next two weeks.
AltaQuest has a 50 percent APO working interest in
Newton-on-Trent, which will test a similar geologic feature as its
Fiskerton discovery.
AltaQuest has applied for 100,000 net additional acres surrounding
our East Midlands acreage. It is anticipated that the successful
bidders will be announced imminently by the Department of Trade
and Industry in London.
AltaQuest Energy Corporation ("AQF") is a publicly traded company
on the Alberta Stock Exchange. |
