Meteor Creek Resources Inc V.DDX Message Board

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Gold/Mining/Energy : Meteor Creek Resources Inc V.DDX

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To: The Osprey who wrote (51)	7/9/2001 10:24:37 AM
From: The Osprey	Read Replies (1) of 67

Meteor Creek Resources Inc - News Release Meteor Creek contracts service rig to test well Meteor Creek Resources Inc ONG Shares issued 13,501,432 2001-07-06 close $0.62 Monday Jul 9 2001 News Release Mr. John Tindale reports Meteor Creek Resources has contracted a service rig from Key Energy Drilling to test the Bear River No. 1 natural gas test well in the Souris permit in Prince Edward Island. "We expect to have the rig in place mid-next week, then begin the final phase of work on the well," said John Tindale, president and chief executive officer, Meteor Creek Resources Inc. "Our company has made this significant investment because we believe that a large natural gas deposit is located in the area. If our geologic theory is correct, we expect Meteor Creek to become the first natural gas producer on Prince Edward Island." The service rig was recently sourced in Ontario and prepared for mobilization to Prince Edward Island. Meteor Creek estimates that it will require approximately three to four weeks to complete the testing. The well was drilled early in the year to 3,681 metres and is cased and cemented to bottom. Meteor Creek has worked closely with Adams Pearson Associates, Inc., the company's consulting engineering group, in establishing the completion and testing program. "The high level of activity in the oil and gas exploration sector this year has created a strong demand for drilling equipment. Our exploration timetable was delayed as a result," said Mr. Tindale. "Meteor Creek's shareholders have been very supportive of the company during this important period and we believe that their patience will be rewarded."

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