CORP. / Northrock Resources 1998 CAPEX - Plans
NORTHROCK RESOURCES LTD.
TSE SYMBOL: NRK
FEBRUARY 25, 1998
Northrock Resources Announces 1998 Plans and Officer
Appointments
CALGARY, ALBERTA--Building on the recently announced Strategic
Alliance with Gulf Canada Resources Limited and the acquisition of
Paragon Petroleum Corporation ("Paragon"), Northrock Resources
Ltd. ("Northrock") is pleased to announce that it has formulated
its aggressive growth plans for 1998.
On February 19, 1998, the Board of Directors of Northrock approved
a $207 million capital budget that has an emphasis towards natural
gas exploration and development and includes the drilling of more
than 300 wells in 1998, compared to 147 wells drilled in 1997.
The significantly expanded exploration and development program
includes $150 million for drilling expenditures emphasizing
reserve and production growth. Building on the opportunity base
established with the Strategic Alliance and the Paragon
acquisition, 70 percent of Northrock's program is concentrated in
the West Central Alberta focus area. Over 200 wells are targeted
to be drilled in the area. Northrock currently has 22 drilling
rigs active, including 16 rigs in West Central Alberta, and
expects up to 35 rigs will be active after breakup this year.
With a significantly expanded exploration and development program
for 1998, Northrock is also pleased to announce the appointments
of Mr. Grant B. Fagerheim as Chief Operating Officer and Mr. John
H. Van de Pol as Chief Financial Officer of Northrock. In
addition, Mr. Andy J. Mah has been promoted to Vice President
Production effective February 19, 1998.
Northrock is an oil and gas company listed on The Toronto Stock
Exchange trading under the symbol "NRK". |
