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Canadian Company Press Release
SHO 2000-09-26 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Sharpe Commences Recompletion Program at its Matagorda Island, Texas
Property
HOUSTON, TEXAS--
C.U.S.I.P. # 82001L100
S.E.C. FILED: FORM 20F
LISTED: S&P
Sharpe Resources Corporations wholly-owned subsidiary Sharpe
Energy Company has commenced a program of well recompletions with
the objective of increasing the daily production rate on its 100%
owned Matagorda Island, Texas offshore tracts. The initial
program included the replacement of both production (tubing)
strings and the recompletion of the well as a dual in "new", as
yet, unproduced reservoirs in the 582-5 well. The 582-5 well will
access between 3.0-4.0 BCF of behind pipe reserves. The
recompleted well is expected to produce at a rate of 3 MMCFPD from
the M-1 (short string) reservoir. The lower M-5L and M-5U zones,
the long string, was not brought on line during the recompletion
procedure as the M-6, M-5L and the M-5U zones appear to be wet.
There is the possibility that the lower zones are communicating
behind pipe. Further work is planned after a detailed review of
the situation. The indications are that the M-5L and the M-5U
have 1-3 bfc of remaining reserves. Additional recompletions are
under review for the 444-3, 582-4 and the 483-1 wells. If this
work proceeds successfully the company expects to significantly
increase the production rate as part of this effort. (Sharpe is
currently receiving $4.88 per mcf for its gas production at
Matagorda.)
Currently, the company is pursuing a plan to accelerate growth.
The option include a possible strategic alliance with another oil
and gas company and farmouts of some of Sharpe's properties in
conjunction with an equity/debt financing as a means to improve
shareholder value.
Sharpe Resources Corporation cautions that the statements made in
this press release and other forward looking statements made on
behalf of the Company may be affected by such other factors
including, but not limited to, volatility of gas and oil prices,
product demand, market competition, imprecision of gas and oil
estimates, and other risks detailed herein and from time to time
in the Securities and Exchange Commission filings of the Company.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Sharpe Resources Corporation
Roland Larsen
(713) 652-3828
(713) 652-3832 (FAX)
or
Sharpe Resources Corporation
Bill Via
(713) 652-3828
(713) 652-3852 (FAX)
or
Sharpe Resources Corporation
Djhal Ojha
(800) 464-7351
Visit our website at : www.sharpe-resources.com
maintained by: Carlson Online Services Inc.
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TelAction Guide
Canadian Company Press Release
SHO 2000-09-26 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Sharpe Commences Recompletion Program at its Matagorda Island, Texas
Property
HOUSTON, TEXAS--
C.U.S.I.P. # 82001L100
S.E.C. FILED: FORM 20F
LISTED: S&P
Sharpe Resources Corporations wholly-owned subsidiary Sharpe
Energy Company has commenced a program of well recompletions with
the objective of increasing the daily production rate on its 100%
owned Matagorda Island, Texas offshore tracts. The initial
program included the replacement of both production (tubing)
strings and the recompletion of the well as a dual in "new", as
yet, unproduced reservoirs in the 582-5 well. The 582-5 well will
access between 3.0-4.0 BCF of behind pipe reserves. The
recompleted well is expected to produce at a rate of 3 MMCFPD from
the M-1 (short string) reservoir. The lower M-5L and M-5U zones,
the long string, was not brought on line during the recompletion
procedure as the M-6, M-5L and the M-5U zones appear to be wet.
There is the possibility that the lower zones are communicating
behind pipe. Further work is planned after a detailed review of
the situation. The indications are that the M-5L and the M-5U
have 1-3 bfc of remaining reserves. Additional recompletions are
under review for the 444-3, 582-4 and the 483-1 wells. If this
work proceeds successfully the company expects to significantly
increase the production rate as part of this effort. (Sharpe is
currently receiving $4.88 per mcf for its gas production at
Matagorda.)
Currently, the company is pursuing a plan to accelerate growth.
The option include a possible strategic alliance with another oil
and gas company and farmouts of some of Sharpe's properties in
conjunction with an equity/debt financing as a means to improve
shareholder value.
Sharpe Resources Corporation cautions that the statements made in
this press release and other forward looking statements made on
behalf of the Company may be affected by such other factors
including, but not limited to, volatility of gas and oil prices,
product demand, market competition, imprecision of gas and oil
estimates, and other risks detailed herein and from time to time
in the Securities and Exchange Commission filings of the Company.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Sharpe Resources Corporation
Roland Larsen
(713) 652-3828
(713) 652-3832 (FAX)
or
Sharpe Resources Corporation
Bill Via
(713) 652-3828
(713) 652-3852 (FAX)
or
Sharpe Resources Corporation
Djhal Ojha
(800) 464-7351
Visit our website at : www.sharpe-resources.com
maintained by: Carlson Online Services Inc. |
