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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: SofaSpud who wrote (7813)	1/22/2001 9:51:54 PM
From: VisionsOfSugarplums	Read Replies (2) of 24905

PSN press release on Brazeau test: fin-info.com Post Energy Updates Brazeau Activity Calgary, Alberta -- Post Energy Corporation is pleased to announce that an independent evaluation of its Brazeau discovery has been completed. The 7-29-47-11W5M well is in the Brazeau River Nisku "T" pool. The well was flow tested at a stabilized rate of 3.9 mmcf/d of raw gas and 637 bbls/d of natural gas liquids over a five-day period to a nearby plant. This production rate was obtained with very little drawdown. The sandface AOF is calculated to be 33.6 mmcf/d of raw gas and 5,488 bbls/d of natural gas liquids. Approximately 870 mmcf of natural gas has been produced from the pool to date. This production allows for accurate estimating of pool reserves. Gilbert Laustsen and Jung Associates Ltd., an independent engineering firm, has estimated proved non producing reserves of 30 bcf of wet gas in place. The value of these reserves at a before tax net present value discounted at 10% is $38.8 million dollars. The 7-29 well is predicted to recover these reserves, with no further wells required in the pool. Post is currently investigating processing alternatives for the gas. Post has three additional Nisku prospects in the Brazeau area. The next location is planned to be spud in February 2001. This location is targeting a pool similar to the Brazeau River Nisku "T" pool. Drilling time is 6-8 weeks from spud to rig release. Further drilling will follow depending on surface access due to spring break-up. For further information contact, Timothy T. Hunt, President and CEO Post Energy Corporation Telephone: (403) 262-1295 Fax: (403) 262-1995 Regards, t.

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