NEWS RELEASE
STATUS REPORT
June 30, 1999 Calgary, Alberta
Charger Petroleums, Inc. (“CHC” - ASE) announces that intermediate casing has been set in the Bach Test Well to a depth of 10,215 feet. The well has also been logged.
Based on field log calculations the Bell Canyon sand within the Delaware Mountain Group appears to be productive.
The top of the Bell Canyon Sand is at 4968' with good shows between 4968' – 4998', 5000' - 5010', 5024' - 5032' and 5076' - 5084'.
Most of the Delaware Mountain Group production from the Delaware basin is from the Bell Canyon.
In other news, Charger announces that it has entered into discussions with a major U.S. merchant banking group whereby subject to certain conditions being met by Charger, the merchant banking group will work with Charger on future financings. One of the conditions is Charger's commitment to list on a U.S. stock exchange.
The Alberta Stock Exchange has neither approved nor disapproved of the contents contained in this news release. For further information on this news release and/or Charger Petroleums, Inc., kindly contact Jeffrey L. Standen, President and C.E.O. at (403) 265-4444, fax at (403) 265-4525, or e-mail: chargerenergy@home.com.
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