Curlew Lake Resources Inc CWQ
Shares issued 22,764,526 Sep 16 close $0.18
Fri 17 Sept 99 News Release
See Aster Ventures Corp (ASV) News Release
Mr. David Patterson reports
A consortium of Canadian independent resource and venture capital companies
activated the $9.5-million (U.S.) Ekho project oil and gas exploration
program, Wednesday, by advancing the funds to the operator.
The Ekho project will drill for light oil and natural gas in virtually
unexplored sediments below 17,000 feet in the San Joaquin basin of
south-central California. The project currently has leases in an area of
mutual interest over a large structurally controlled stratigraphic trap
identified geologically and confirmed by seismic data.
The target formation is in the Temblor sandstones, a thick package of
middle and lower miocene horizons in which previous drilling identified oil
and hydrocarbon prone sections. Ekho's primary target is oil and the zones
of interest are also prospective for natural gas.
The San Joaquin basin, in Kern county, Calif., has produced 13 billion
barrels of oil and seven trillion cubic feet of natural gas. Past
production is from relatively shallow reservoirs. Ekho is one of several
exploration programs now testing deeper potential.
The project operator, Tri-Valley Oil and Gas has begun to expand its team
of professionals and is completing contractor arrangements to commence
operations in the third quarter and begin drilling the Ekho No. 1 well in
the fourth quarter of 1999. Tri-Valley is a wholly owned subsidiary of
Tri-Valley Corporation. It has 36 years of oil and gas exploration
experience in the Sacramento and San Joaquin basins in California's Great
Central Valley. Tri-Valley, as operator and project originator, has a
12.5-per-cent carried interest, converting to a 25-per-cent working
interest.
The Ekho project consortium:
Company Exchange Symbol Percentage
Aster
Ventures Corp. VSE ASV 20%
Curion Venture
Corp. VSE CUV 20%
Berkshire
International
Mining Ltd. VSE BKR 10%
Consolidated
Bradbury Intl.
Equities Ltd. VSE CBN 5%
Curlew Lake
Resources Inc. VSE CWQ 5%
Pan Ocean
Explorations VSE POE 5%
Prairie Pacific
Energy Corp. ASE PRP 5%
Reserved for
other parties 8.36%
The consortium has enhanced its capability by engaging the services of
geologist Joe Dunwoody and corporate communications specialist Frank Dabbs.
Mr. Dunwoody is a senior member of California's community of exploration
geologists who has worked in most of the major U.S. basins and has been
involved in drilling in the San Joaquin basin for 50 years, including
participating in some of the earliest deep tests. He will provide
day-to-day liaison with Tri-Valley.
Mr. Dabbs has 30 years experience as an oil and gas communicator in Canada,
including both business journalism and corporate communications. He will be
responsible for ensuring the Ekho story is told clearly and accurately.
David Patterson, chairman of the Ekho project consortium, stated: "An
enterprising group of relatively small Canadian companies has taken
leadership in the most attractive independent exploration play in North
America. This funding advances the Ekho project to active work in the
field, with the first, 19,000-foot well to be started in the fourth quarter
of this year."
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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