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Pifher Resources Inc -
Pifher Resources granted licence to drill
Pifher Resources Inc YFP
Shares issued 3,180,000 Feb 7 2001 close $3.000
Feb 7 2001 2:21:57
Mr. Gary Conn reports
Pifher Resources confirms that Echo Energy Inc., a corporation owned as to 50 per cent by Pifher and as to the other 50 per cent by Ontex Resources Limited, has received the required drilling permits from the Ontario Ministry of Natural Resources during the last week of January. Also, Echo Energy has signed a contract with Elgin Mitchell Drilling Company Inc. during the first week of February for the drilling and completion of the first six natural gas wells on its expanded lease holdings in Bayham township, Ont. Spudding of the first two wells is expected to be under way before the end of February.
The original package of 2,000 acres of gas and oil leases, which was optioned by Pifher and Ontex on behalf of Echo last summer, has been significantly enlarged, by further lease acquisitions, to approximately 4,000 acres. Echo intends to continue this expansion program through further acquisitions of leasehold interests.
The first six wells have been strategically spaced, on strike to the east of the Port Burwell gas field (north shore of Lake Erie), which consistently yielded the largest, on shore, Clinton gas wells in Ontario, at average depths of 1,400 feet. Echo, which is the operator of the development, will arrange for drilling with a rotary rig down to the shale, cap rock, and then tailing into the sandstone, gas horizon, with a cable tool rig for completion. This ultraefficient completion method was pioneered and successfully utilized by Metalore Resources Limited. The wells have been budgeted and are expected to cost approximately $100,000 each, including production casing, plus fracturing (if required) and pipelining.
"It has taken us a little extra time to diligently assemble a project of this size but we are very optimistic about the future," states Gary Conn, president of Pifher.
Pifher is also currently assessing drill targets for the mineral exploration program on its Forge Creek property near Beardmore, Ont., for its upcoming 2001 field season.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
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