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Gold/Mining/Energy : Meteor Creek Resources Inc V.DDX
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To: The Osprey who wrote (64)8/19/2001 10:43:03 AM
From: The Osprey  Read Replies (1) of 67
 
Meteor Creek finally finds gas
By Andy Walker

summerside

CHARLOTTETOWN -- There is gas in the well.

That was the buzzword throughout Eastern Kings County Friday as a long

eight month wait for job-hungry residents and anxious investors seems

nearing an end. Officials with Meteor Creek Resources Ltd have found

what they expected at the Bear River Prospect Number One well.

Expectations were high when drilling began early in the year, with

officials from the junior exploration company boldly predicting one of

the largest on-land find with the exception of the Arctic. However, as

the company ran into several delays waiting to get equipment from

western Canada and a civil suit was launched by a supplier, skepticism

began to grow.

However, all that was forgotten on Friday. Although the company has not

yet made a formal announcement (that will come next week), the firm was

letting Island media outlets know gas had been found 3,681 metres below

the surface.

That is the deepest any natural gas well ever dug in the province. The

presence of natural gas has been known in that area since the 1970's,

but new technology is now making exploration possible.

Engineer reports are now needed to tell the company exactly how much gas

is at the site. However are expected to be completed within the next two

weeks. Company vice-president David Fisher called the favourable test

for bottom hole pressure (the standard test used to confirm the presence

of natural gas in a well) Œthe single most important event for Meteor."

If the find meets the pre-drilling hype, it will means increased

economic activity in an area of the province where jobs have often been

scarce. Eastern Kings is now finally recovering from the disastrous fire

almost a decade ago that destroyed Usen Fisheries Limited. The AgraWest

potato granule plant finally came on stream to take over the mantle as

the region's largest employer, but the natural gas well would add a new

dimension to the economy.

The find could be even larger than the current site.. Gas was confirmed

at the deepest point in the well. There are three other zones in the

well and they will be tested at a later date. Meanwhile, the province is

soon expected to hand out the exploratory rights to an adjacent site in

Naufrage.
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