Curlew Lake Resources Inc CWQ
Shares issued 22,764,526 Dec 14 close $0.14
Wed 15 Dec 99 News Release
See Aster Ventures Corp (ASV) News Release
Mr. David Patterson reports
Further to the news release in Stockwatch Nov. 29, 1999, David Patterson
chairman of the Ekho project consortium, provides the following progress
report on the Ekho project. As part of its strategic planning Tri-Valley
Oil and Gas (TVOG), the Ekho project operator, together with its consulting
engineers identified the possibility of re-entering the 66X-3, a deep well
drilled in 1974 on leases now held by TVOG. The 66X-3 well, which bottomed
at 18,876 feet, was America's deepest oil producer according to the
February, 1999, issue of World Oil Magazine.
On Dec. 6, 1999, a wellhead was delivered for installation on 66X-3. In
preparation for installation of the wellhead, it was discovered that the
casing at surface does not meet specifications to handle the known
pressures in the hole at depth. Given the numerous obstacles that could
have prevented re-entry it is fortunate that the problem was discovered
early on and at minimal cost. The consortium had been prepared to spend
upwards of $500,000 to attempt to re-enter 66X-3, in anticipation of
realizing significant savings in time and money over drilling a new hole.
As a result of this information, TVOG has elected to commit to a new hole.
The consortium has been advised by TVOG that 66X-3 is a candidate for later
re-entry for shallower production as the casing appears to have sufficient
strength and the logs have shown some extremely attractive shows up hole.
In order to cover all eventualities, Tri-Valley took the precaution of
contracting a deep drilling rig from Nabors Drilling Company in
Bakersfield, Calif. Tri-Valley will now locate its initial test well
between the 31X-10 and the 66X-3 wells which flowed at rates as high as
1,000 and 700 barrels a day, respectively, despite completion problems. The
66X-3 well ultimately produced 11,936 barrels of 42 degree API oil and 13
million cubic feet of natural gas before abandonment due to technical
difficulties; other intervals with significant shows were left untested.
The drill site is approximately 40 miles northwest of TVOG's Bakersfield
headquarters in California's San Joaquin Valley, a prolific petroleum
production province.
It is expected that rigging up for the new hole will begin in December,
with the rig installed before the end of December. Spudding of the new well
is planned for early January, 2000.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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