NEWS RELEASE
CALGARY, ALBERTA, December 13, 2000 – Stampede Oils Inc., operator of the Stampede Turner Valley 2-34-20-3 W5M well, advises that it commenced a successful perforating operation over the lower open hole section in the Regional Turner Valley oil reservoir at a depth of 3138m (10,295 feet) on Monday, December 11, 2000. The wellhead was vented briefly in preparation for this perforating operation, resulting in 42o gravity oil flowing to surface. The well was then shut in. Three other planned perforating runs over a total of 15m (49 feet) had to be cancelled very unexpectedly.
In the early afternoon on Monday after one perforating run had been conducted, the Alberta Energy and Utilities Board (AEUB) suspended the perforating operation, by way of an oral suspension directive. The suspension was ordered because the AEUB had received notification from three area residents, that gas was being flared at the well contrary to the Company’s commitment to the area residents to not flare solution gas during testing and production operations. In fact, other than some very minor venting during a completion operation, no gas had been, or was being flared and the flame that apparently was seen would have been that from the propane pilot at the top of the emergency flare stack.
The subject well operation was conducted strictly in accordance with AEUB regulations and good oilfield practice. Stampede is confident that once it receives written details as to the nature of the alleged breaches of its commitment to the area residents, it will be able to readily clarify any such apparent misconceptions to the reasonable satisfaction of the AEUB.
Stampede has initiated preliminary proceedings necessary for the AEUB to be in accord to rescind the suspension at the earliest time possible.
However, the fact that prior to the perforating operation being suspended the well had flowed oil to surface is of great significance. Indicated positive wellhead pressure response, subsequent to the one completed perforating run, indicates the probability of additional oil inflow into the wellbore. The well is expected, ultimately, to be capable of very significant production.
. The top of the Turner Valley reservoir in the subject well came in 9.5m (31 feet) structurally high to the old 15-25 offset well drilled in 1943. The well has approximately 31m (100 feet) of net reservoir, which is of very good quality and definitely oil bearing. The very positive results of this well will contribute greatly to validating the Stampede group’s interpretation of a major bypassed Regional Turner Valley formation oil pool. Recoverable oil reserves in the magnitude of at least 10 million barrels per section are now calculated for Section 34.
The following companies have interests in the Stampede Turner Valley 2-34-20-3 W5M well:
Bearcat Explorations Ltd. 58.3500%
Stampede Oils Inc. 24.3125%
Panda Petroleums Ltd. 14.5875%
Curlew Lake Resources Inc. 2.7500%
For further information contact P. de Bruycker (403) 265-6166
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
STAMPEDE OILS INC. is listed on the Canadian Venture Exchange |
