Ooops, I don't like the market's reaction to yesterday's release, let me try again...
Charger Petroleums: Clarification of June 23, 1999, News Release
CALGARY, ALBERTA--Charger Petroleums, Inc. (''CHC'' - ASE) clarifies that it is continuing to complete for production the Moore-Gilmore #1 well in what appears from well logs to be natural gas in four (4) different formations. The formations are the Ellenburger, Devonian, Atoka and Delaware. When successful, the well is expected to be tied in and producing within 2-3 weeks.
Charger and its partners recently acquired an additional +/- 1,500 acres surrounding the Moore-Gilmore #1 bringing the total owned acreage to +/-7,200 acres. Charger's interest in the Moore-Gilmore well and surrounding acreage is 14 percent.
In other news, the Bach test well is currently drilling at a depth of +/-10,100 feet. Intermediate casing will be set to a depth of +/-10,400 feet. The well is targeted to drill +/-14,000 feet to test the Devonian formation for natural gas production. Mud logs indicate natural gas present in the Cherry Canyon and Brushy Canyon sands within the Delaware formation. Charger has a 75 percent interest in the Bach prospect.
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Contact:
Charger Petroleums Inc.
Jeffrey L. Standen
President and C.E.O.
(403) 265-4444
(403) 265-4525
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