Westminster Resources Rises as Gas Flares From Well
(Update1)
Westminster Resources Rises as Gas Flares From Well (Update1)
(Updates share price, market activity.)
Calgary, Alberta, Aug. 16 (Bloomberg) -- Westminster Resources Ltd.
shares rose 11 percent on news that natural gas is being flared from a
promising well in California.
Shares in the Calgary, Alberta-based company rose C$0.60
(US$0.40) to C$6.25 in Toronto trading of 678,160 shares, more than
nine times the three-month average of 71,894. Earlier, the shares
touched C$7.
The company said it found natural gas at a well in which it owns a share
in California's East Lost Hills, near Bakersfield, and the gas is being
burned off.
A well drilled at the same site late last year exploded and took more
than five months to bring under control, leading to speculation that
Westminster and its partners had tapped into a massive pool of gas.
The company said the gas being burned today is under control.
Westminster owns a 7.13 percent stake in the well being drilled in the
San Joaquin basin. Berkeley Petroleum Corp. holds the largest share of
the well at 40 percent, with partners Elk Point Resources Inc., Hilton
Petroleum Ltd., Kokaburra Resources Ltd., Paramount Resources
Ltd., PYR Energy Corp., Richland Petroleum Corp. and Trimark Oil &
Gas Ltd. |
