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Gold/Mining/Energy : Consolidated Bard Silver and Gold Ltd. CBS-V
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To: Alfonso Agostino who wrote (6)1/26/2000 4:45:00 PM
From: Famularo   of 43
 
Consolidated Bard results from Alderson area

Consolidated Bard Silver & Gold Ltd CBS
Shares issued 4,211,350 Jan 24 close $0.11
Wed 26 Jan 2000 News Release
Mr. Eugene Beukman reports
The results of the extended flow test on the recently completed well in the
Alderson area of Southern Alberta have confirmed a significant natural gas
discovery with excellent commercial flow rates. At current gas prices this
will provide excellent cash flow to the company and a financial base for
future exploration and development. These results are very important to
future operations within the Princess project area, as they confirm the
potential for a significant increase in production if the prospective
natural gas horizons are drilled using modern, underbalanced techniques.
Bard will now proceed with its partners to place the discovery well on
production as quickly as possible through an adjacent pipeline.
The joint venture is now evaluating a second location in the adjacent
section to the discovery well. This location shows potential for natural
gas production as encountered in the first well, and also for oil
production in a deeper formation, which is indicated by an anomaly on three
seismic lines crossing the prospect. Oil production on trend to the north
and west of the proposed location indicates that there is the potential for
significant production from the target formation. A decision concerning
this well will be made within the next few days and drilling is planned for
the month of February.
In addition to the Alderson project Bard will be reviewing several
additional opportunities within the Princess area where drill locations
have been defined by previous geological and geophysical information. These
locations appear to have excellent potential for natural gas production
from the Mannville section and may have potential for additional production
from other zones within the target stratigraphy. If justified, the company
intends to proceed with further drilling within the Princess project area,
as further results become available from the planned current drilling
program. The company will release additional information including a
production schedule for the discovery well when available.
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