TO ALL, ALERT!!!! GOOD NEWS, MAYBE!!!!!
Transglobe Energy Corporation TGL
Shares issued 13,781,377 Jan 31 close $2.50
Fri 2 May 97 News Release
Mr Erwin Noyes reports
The Prevost No. 1 well in Richland County, Montana, was cased as a
potential oil well on May 1 1997.
Four separate zones were tested during drilling. The Dawson Bay formation
was drill stem tested and recovered 1,088 ft of water cut mud, 232 ft of
oil cut mud and 657 ft of gas cut 30 degree API oil. The Upper Interlake
was drill stem tested and recovered salt water. The Lower Interlake or
Putnam zone was drill stem tested and recovered 1,595 ft of gas cut 42
degree API oil and 222 ft of mud cut oil. The Red River C member was also
tested and recovered 3,196 ft of 42 degree API oil and 843 ft of oil cut
mud. The operator, Collins & Ware Inc, expects to install production
equipment and carry out production testing of the well in the near future.
The company owns a 25% working interest (20% net revenue interest) in the
Prevost No. 1 well. This well is the first of a five well drilling campaign
on the company's East Meridian block B lands comprising 50,392 acres
(gross). The next well, Burgess No. 1, is expected to begin drilling next
week. |
