Fairchild International Reports Latest Results On Coalinga Property in California Show
Both Gas and Oil Bearing Sands Encountered at 10,500 Foot Level
VANCOUVER, British Columbia, Aug. 14 /PRNewswire/ -- Fairchild International Corporation (OTC Bulletin Board: FRCD - news) announced
today that drilling on the Coalinga Nose Project in California's San Jaoquin Basin is currently just beyond 10,500 feet towards a target depth of 11,500
feet. Surface casing was cemented in place on July 15, 2001 with a 9 5/8`` casing cemented at a depth of 2,622 feet for blow out prevention. The state
government's oil and gas division has approved of the installation. Independent evaluations indicate the property could contain some 800 billion cubic
feet of gas.
Significant gas shows, background gas and oil bearing sand were encountered. Gas units encountered so far have gone as high as just over 3,000 units.
The geological profile as projected prior to drilling is currently on target. The well is now expected to penetrate the target horizon of the Brown Mt. sand
at approximately 10,800 feet within the next few days.
An interpretation of the 3-D seismic data has defined four positive amplitude anomalies that could represent potential gas-bearing
structural-stratigraphic reservoirs at the site which is located in the San Joaquin Basin near the historic community of Coalinga. This property is situated
between a 503-million-barrel oil field and the Kettleman Hills field that has produced 2.9 Trillion Cubic Feet of natural gas and 458-million barrels of
oil. To date, US $3-million has been spent on the property including a 3-D seismic survey.
The interpreted seismic data appears to reproduce structural and stratigraphic features that control oil and gas production in three other fields in the
region including the Coalinga Nose portion of the East Coalinga Extension.
The company has a five percent working interest in the Coalinga Nose project. Other participants include a prominent NASDAQ company which has an
impressive track record in oil and gas discoveries in California and Micron Enviro Systems Inc. (OTC Bulletin Board: MSEV - news).
ABOUT FAIRCHILD INTERNATIONAL
Fairchild International Corporation is a fully-reporting U.S. publicly-listed company. Besides the California gas project known as the Coalinga Nose
Property, it has a major mineral exploration project comprising more than 300,000-acres in the Canadian province of Manitoba. The company's
holdings are located in northeastern Manitoba where one of the world's richest nickel deposits was discovered by Inco Ltd. and where major mining
companies such as DeBeers, BHP, Kennecott and Falconbridge are actively exploring for diamonds, nickel and Platinum Group Metals.
Website: fairchildinternational.com E-mail: ir@fairchildinternational.com Toll Free - 1-888-864-7372
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such
forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Fairchild may differ materially from these
statements due to a number of factors. Fairchild assumes no obligation to update these forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such statements. You should independently investigate and full understand all risks before making
investment decisions.
SOURCE: Fairchild International Corporation |
