American Manor Corp -
American Manor starts drilling of first well in Wembley area
American Manor Corp
ANO
Shares issued 11,724,953
1999-06-22 close $0.3
Wednesday Jun 23 1999
Mr. William MacPherson reports
Drilling of the first well in the summer drilling program in the Wembley area of
Alberta has started. The company anticipates participating in up to six wells in this
drilling season in the Wembley area.
American Manor has participated in two exploration wells to date in the Wembley
area, resulting in one liquid-rich gas discovery and one dry and abandoned well.
The discovery well tested an initial rate of 2.67 million cubic feet a day (mmcf/d)
and decreased to a rate of 2.4 mmcf/d during the test period. The well also
produced associated liquid condensates of 60 barrels/million cubic feet. American
Manor has a 10-per-cent working interest in this well.
American Manor feels it has established a significant exploration play based on
this Wembley discovery and as a result, an extensive seismic exploration program
has been undertaken. On May 23, 1999, the company and its partners
commenced drilling on a significant seismic anomaly. Work is continuing as of this
date on the latest well and is expected to continue until late June, 1999.
American Manor will be participating in the testing of a 3,000-metre well in the
Ferrier area of central Alberta. THis well has been cased as a potential
Notikewan gas well. Testing will be starting late June subject to accessibility.
Nearby facilities would allow for prompt tie-in.
To date American Manor has invested more than $1-million in the combined
Wembley/Ferrier exploration programs. Further significant expenditures are
anticipated for land, seismic, drilling and testing throughout the summer and fall.
The company has arranged a private placement of one million units, consisting of
one common share priced at 35 cents and a two-year warrant, priced at 45 cents.
A finder's fee will be paid on this placement in accordance with Alberta Stock
Exchange guidelines.
American Manor has applied to the Alberta Stock Exchange to reduce the price
of certain existing stock options (600,000) from $1.15 to 30 cents and to have
these options extend from July 17, 1999, to Dec. 31, 1999. |
