BERKLEY PETROLEUM CORP. - JOINT NEWS RELEASE
UPDATE ACTIVITIES AT EAST LOST HILLS
Also for Elk Point Resources Inc. (TSE:ELK), Hilton Petroleum Ltd. (CDNX:HTP), Kookaburra Resources Ltd. (TSE:KOB), Paramount Resources Ltd. (TSE:POU), PYR Energy Corporation (AMEX:PYR), Richland Petroleum Corp. (TSE:RLP), Trimark Oil & Gas Ltd. (CDNX:TMK), and Westminster Resources Ltd. (TSE:WML)
May 29, 2000
Calgary, Alberta
Berkley Petroleum provides the following activity update at East Lost Hills;
? The Berkley East Lost Hills No. 1 well was perforated Sunday May 28, 2000, at app. 06:30h PDT.
? The well was flowed on clean-up during the day at highly restricted rates. Gas rates increased steadily during this period from four mmcfpd to in excess of 12 mmcfpd. Condensate rates also increased during this period to over 1000 bpd.
? The flowing wellhead pressure was maintained above 11,500 psi throughout the clean-up period.
? The well was shut in during the early morning hours of May 29, 2000. Down hole pressure recorders will be run and an extended multi-point production test is scheduled to commence Wednesday May 31, and is expected to last three to four days. On completion of the main flow test the well will be shut in for app. ten days for build up.
? The partners are extremely encouraged over these preliminary results. Production test rates will be governed by permit restrictions but based on the currently available information the partners believe the well is capable of rates of 30 mmcfpd plus condensate.
Public Company partners with Berkley Petroleum in the East Lost Hills development are Elk Point Resources Inc. (TSE:ELK), Hilton Petroleum Ltd. (CDNX:HTP), Kookaburra Resources Ltd. (TSE:KOB), Paramount Resources Ltd. (TSE:POU), PYR Energy Corporation (AMEX:PYR), Richland Petroleum Corp. (TSE:RLP), Trimark Oil & Gas Ltd. (CDNX:TMK), and Westminster Resources Ltd. (TSE:WML). Armstrong Resources LLC is a Private Company partner.
Berkley Petroleum Corp. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. Berkley?s common shares are listed on the Toronto Stock Exchange under the trading symbol ?BKP?
For further information, contact: Michael L. Rose, President and Chief Executive Officer.
Berkley Petroleum Corp. Phone: (403) 571_3600
Berkley's News Releases can be accessed electronically through Canadian Corporate News website at cdn-news.com or the Berkley website at www.berkleypete.com |
