A.Robbins, here are the news releases:
November 26, 1999
MacDonald Oil In Wildcat Cuban Well
MACDONALD OIL EXPLORATION LTD. ("MACO-Z;MDOXF-L")
GENOIL INC ("GNO-Y;GNOLF-L")
CUBACAN EXPLORATION INC ("CCX-Y;CBNXF-L")
- MacDonald Oil In Wildcat Cuban Well
MacDonald Oil Exploration Ltd. ("MacDonald Oil") announces that surface casing has been set
at the Angelito wildcat oil exploration well, onshore in south eastern Cuba, by operator Genoil
Inc. ("Genoil") . The well will now recommence drilling and should reach its target depth within
four weeks. MacDonald Oil will pay Genoil $235,000 for a 5% interest in the Angelito well. Under
its prior 30/70 joint venture with Genoil, MacDonald Oil has assigned an additional 5% interest in
the well, to Cubacan Exploration Ltd..
The nature of this play in Cuba provides for a very high risk and potentially very high reward
exploration target. The Angelito structure is a large inverted anticline with an areal closure
exceeding 28 square kilometers. Numerous potential hydrocarbon reservoir zones are thought to
be located at the crest of this anticline associated with anomalous high seismic amplitudes. The
discovery of a 50-meter net pay interval, draped over this entire area, could hold greater than one
trillion cubic feet of gas with associated condensates.
The targets within the Angelito well begin at about 600 meters within thick interbedded
sandstones of Lower Eocene age associated with a mappable unconformity on the hanging wall
of the thrusted anticline. The primary objectives commence at about 1100 meters and are
associated with thin interbedded Cretaceous carbonates most likely of Campanian age. At
approximately 1600 meters a third objective is thought to consist of reefal carbonates of
Cenomanian age which are well developed in outcrop to the northeast of the prospect.
Hydrocarbon shows of gas and light oil were found in the multi-well program drilled at locations
95 km to the west southwest of the Angelito well within both Eocene and Cretaceous carbonate
sections. Gas indications are present over the Angelito structure mapped by a surface
geochemical survey conducted in 1997 during the acquisition of the first reconnaissance seismic
survey in the area.
MacDonald Oil has agreed to secure its own 5% interest in the Angelito well to an arms-length
third party in exchange for a loan of $235,000. A 1% share in the well will be paid to the lender as
a bonus for the loan. The entire loan amount of $235,000 may be converted to equity of
MacDonald Oil, at the option of the lender, from available allotments in any subsequent rights
issue MacDonald Oil may undertake and affiliate MacDonald Mines Exploration Ltd. has
guaranteed, subject to regulatory approval, repayment of the loan for that purpose and for future
considerations.
TEL: (416) 865-1625 Frank C. Smeenk Internet: www.macmines.com
_________________________________________________
November 25, 1999
Angelito IX Well Commences Drilling
CUBACAN EXPLORATION INC ("CCX-Y;CBNXF-L")
MACDONALD OIL EXPLORATION LTD ("MACO-Z;MDOXF-L")
GENOIL INC ("GNO-Y;GNOLF-L")
BEAU CANADA EXPLORATION LTD ("BAU-TM;BEAUF-L")
- Angelito IX Well Commences Drilling
Cubacan Exploration Inc. (the "Company") is pleased to announce that the Company has
entered into an agreement with MacDonald Oil Exploration Ltd. ("MACO" on CDN) to
participate as to a 5% working interest in the drilling of the Angelito IX well located in Block 22.
This well, which commenced drilling on November 18, 1999, is being operated by Genoil Inc.
("GNO" on ASE), a subsidiary of Beau Canada Exploration Ltd. Drilling is expected to take up to
30 days with a total depth of 2300m. Surface casing has been set at 309 meters and it is expected
the well will recommence drilling today, November 25.
The nature of this play in Cuba provides for a very high risk and potentially very high reward
exploration target. The Angelito structure is a large inverted anticline with an areal closure
exceeding 28 square kilometers. Numerous potential hydrocarbon reservoir zones are thought to
be located at the crest of this anticline associated with anomalous high seismic amplitudes. If the
drilling is successful, the discovery of a 50m net pay interval draped over this entire area could
hold greater than one Tcf of gas with associated condensates.
The primary targets within the Angelito IX well will begin at 590 meters within thick interbedded
Oligocene and Eocene sandstones associated with two mappable unconformities on the hanging
wall of the thrusted anticline. A secondary objective at 1140 meters is associated with thin
interbedded Cretaceous sandstones and carbonates. After drilling through the major thrust fault
at 1620 meters a third objective is thought to consist of Maastrichtian age reef carbonates which
are well developed in outcrop to the northeast of the prospect.
Hydrocarbon shows of gas and light oil were found in the multi-well program drilled at locations
95 km to the west southwest of the Angelito IX well within both Eocene and Cretaceous
Carbonate sections. Gas indications are present over the Angelito structure mapped by a surface
geochemical survey conducted in 1997 during the acquisition of the first reconnaissance seismic
survey in the area.
Cubacan is a Calgary based junior oil and gas exploration company with interests solely in Cuba.
Cubacan is listed on the Alberta Stock Exchange (ASE) with shares trading under the symbol
"CCX".
TEL: (403) 777-9220 Allan J. Kent, President
E-MAIL: info@cubacan.com
WEBSITE: www.cubacan.co
_________________________________________________
Ben, I had to enter the full company name at Sedar to pull up the filing. Give it a try.
5$, I'm not that familiar with the rights/warrants process but I would think as long as the share price exceeds .06 the rights will be exercised by most on the basis that the Co. will do all necessary to get the share price up to the range where we will want to exercise our warrants, otherwise it's all a waste of Co. time and money.
I'm just recently into CCX on the advice of a friend who's been in since over $.60 and he's very happy with the news.
Best to all, John (may be worth spreading the CCX info around the boards??) |
