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NEWS RELEASE (CWQ-CDNX)
January 4, 2001
CURRENT PRICE: $0.08-$0.10 SHARES AUTHORIZED: 100,000,000
S.E.C. RULE NO: 82-1978
52-WEEK RANGE: $0.06 - $0.19 SHARES OUTSTANDING: 31,714,526
EXEMPTION NO: 3129E107
In a shareholder letter dated January 4, 2001, Stampede Oils Inc., reports
as follows:
"Stampede Oils Inc., operator of the recently drilled Stampede Turner Valley
2-34-20-3 W5M discovery well, advises that it is currently finalizing its
response to the Alberta Energy and Utilities Board (EUB), regarding a
suspension of operations order issued prior to the Christmas holiday. This
suspension was the result of a misconception by three area residents related
to a propane pilot light at the top of an emergency flare stack on the
subject well surface lease and one inadvertent lack of notice on a timely
basis to area residents, by Stampede, related to the intended commencement
of completion operations for the subject well.
"Prior to the start of an open hole perforating operation, the 2-34 well
flowed oil to surface at a rate of 540 barrels per day. This flow rate,
along with increasing pressure and a subsequent good shut-in pressure
build-up curve, indicates that the well bore blockage experienced on
November 16th, apparently has broken down considerably during the 22-day
period that the well was shut-in.
"The lower five (5) metres (16.5 feet) of open hole in the Regional Turner
Valley formation reservoir was successfully perforated before the operation
had to be suspended. The intended completion operation was to entail the
perforating of 20 metres (66 feet) of open hole in this oil-bearing
reservoir. As the well had to be shut in prematurely, it has not been
determined at this time as to how much the now perforated interval will have
increased the production capability. There is a good probability that the
well might not require any additional perforating.
"An independent third-party assessment of the 2-34 well data demonstrates
the production capability of this well should exceed 1,000 barrels of oil
per day.
"Related to the successful completion of this 2-34 well as an important
discovery, and on the basis of the Company's overall Regional Turner Valley
oil pool interpretation, Stampede was successful recently in having four
related Crown P&NG leases extended.
"Stampede intends to have this 2-34-20-3 W5M oil discovery well put into
production prior to the end of January, subject to approval from the EUB to
rescind the current well suspension, such approval not expected to be
unreasonably withheld."
Curlew Lake Resources and its partners have interests in approximately
27,500 acres of Crown and Freehold petroleum and natural gas leases
overlying this interpreted Regional Turner Valley oil pool.
Curlew Lake Resources has a 2.75% interest in the 2-34 well and varying
interests ranging from 1.3% to 10% in the balance of the lands.
On behalf of the
Board of Directors,
"Robert B. Pincombe"
Robert B. Pincombe
President
Disclaimer: The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.
CURLEW LAKE RESOURCES INC.
Telephone No. 604-688-9951 - Facsimile No. 604-682-3475
#806 - 750 West Pender St., Vancouver, BC. V6C 2T7
Email: dataon@curlew-lake.com / Internet: curlew-lake.com
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