Here ya go Dale. My guess a local fund is selling, its that time of year again.
Stampede et al Turner Valley 2-34-20-3 W5M (Bearcat interest
58.35%)
CALGARY, Nov. 16 /CNW/ - Bearcat Explorations Ltd. advises that The Canadian Venture Exchange has requested a News Release be issued regarding
an inordinate amount of trading in the Company's shares today. At the outset, the Company is not aware of any insider trading related to this share activity
today.
The drilling rig for this well was released as of this morning. Cleanup operations, preparatory to the conducting of a planned production test indicated, very
unexpectedly, that despite very positive drilling and reservoir parameters encountered in the target Regional Turner Valley formation, this zone should be
subjected to a stimulation process to achieve expected production rates.
After the removal of the drilling rig off the well site, it is intended to deepen the well a further 20 feet into the base of the reservoir and if necessary conduct a
frac operation to facilitate production.
The well has been completed for production with tubing and wellhead installed. Subsequent to being shut in early this morning, increasing wellhead pressure is
evidencing oil entry into the wellbore but at this time not sufficient to warrant a production test.
The target reservoir was encountered in the well 21 feet high structurally to the offset 15-22 well, drilled in 1943, which tested positive oil response. Logs and
samples, as well as the recovery of the cleanup operation, indicate approximately 103 feet of net oil zone in this well. Lithological characteristics suggest that
the reservoir will respond very favourably to a frac operation, if warranted.
The Company expects that this well will be completed as a significant oil producer, the gravity of oil of which is 39.6 degrees API.
Bearcat advises at this time that the dispute resolution meeting held on Friday, November 10th, regarding very limited opposition to the proposed deepening
of the Stampede et al HZ Hartell 6-12-19-2 W5M well in the Turner Valley South gas pool was very encouraging. Further meetings are set for December
14th and 15th. The Company is hopeful that approval for this second gas well, offsetting the original Stampede Bcat et al Hartell 4-13-19-2 W5M well, may
be obtained without the necessity of an AEUB hearing.
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
Bearcat Explorations Ltd. is listed on the Canadian Venture Exchange under the symbol BEA. |
