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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: SAM-DAN who wrote (7950)4/29/2002 11:59:33 AM
From: Al Collard  Read Replies (1) of 11802
 
CPV-v...in the news:

Copper Creek Green River drilling to begin this month

Mon 29 Apr 2002

Mr. Bing Jung reports
FUNDING OF GREEN RIVER BASIN DRILLING PROGRAM FORWARDED
Financing of the Green River basin drilling program has been forwarded to
CP Resources, operators of the Green River basin project.
CP Resources LLC, operator of the Green River basin project, has entered
into a contract with Dynatec Drilling, Inc., of Salt Lake City, Utah, to
drill two wells on its East Salt Wells Creek coal bed methane prospect in
Sweetwater county, Wyoming. Drilling is expected to commence later this
month and it is anticipated that the drilling program will take up to three
weeks. The drilling plans include the coring of the Almond coal section in
at least one of the two wells. This will allow for determination of the gas
in place in the coal section and the potential permeability of the coal.
The desorption process will take up to 60 days to complete during which
time the company will be formulating its completion program for the first
two wells. Subject to favourable results of this evaluation, the company
intends to expand its program in the third quarter of 2002 by drilling two
pods of wells surrounding the initial two wells. Each pod will consist of
five to eight producing wells and a water disposal well. It is anticipated
that the wells could be put on production prior to the end of 2002.
Development of the Almond coal section is continuing in the area with
numerous wells being drilled and put on production.
Copper Creek will pay 35 per cent of the costs of the initial two wells to
earn a 21.4375-per-cent working interest. Other working interest owners
paying for the initial test wells are Kodak Oil & Gas Corp. 40 per cent,
earning 24.5 per cent and Portrush Petroleum Corp. 25 per cent, earning
15.3125 per cent. Through the drilling of the initial wells, the companies
will earn a continuous drilling option under approximately 15,000 gross
acres.
The drilling of the Salt Wells field development Second Frontier well will
commence the second quarter of 2002 subject to lease stipulations. All
drilling permits and right of way applications for the Salt Wells Federal
No. 12-12 well have been completed and filed.
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