Re-Drilling of Coalinga Nose No. 1 Well Below 9000 Feet Set to Begin
VANCOUVER, British Columbia, Aug. 22 /PRNewswire/ -- Fairchild International Corporation (OTC Bulletin Board:
FRCD - news) announced today that the bottom portion of the Coalinga Nose No. 1 gas well in Fresno County, California
will be re-drilled because of hole deterioration during the testing phase.
According to the operator, testing of the Brown Mountain Sands revealed a potential net pay of 50 to 100 feet before the hole
deteriorated, rendering further testing impractical. Fairchild International is extremely encouraged by the initial test results
and understands the technical difficulties that drillers face reaching target depth in similar geological environments through
out the San Joaquin Basin. The knowledge gained from our first penetration of the prospective gas horizon will help facilitate
the hole completion process.
As a result, the operator has elected to re-enter the existing hole and drill a sidetrack hole below the 9000 foot level to the
target horizon. ``What we're really getting here is a second-chance to drill and test the most prospective portion of the
Coalinga Nose gas well which preliminary testing indicates could be a very significant gas find,'' Fairchild management
added.
An additional two to three weeks will be required to re-drill the bottom portion of the Coalinga No. 1 well.
Monitoring equipment at surface reveals no subsidence or reduction in the strength of the gas shows, and the operator
believes that upon completion of the final logging, the majority of the gas shows will be productive. At this point it is still
preliminary, however, based on the data received to date, the Coalinga Nose No. 1 well has the potential of being placed in the
category of a discovery well.
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, more than US $3-million have been
spent on the property including a 3-D seismic survey.
The company has a five percent working interest in the Coalinga Nose project.
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 International Nickel 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. |
