TEW-V Please. News out today. Hope it can blow past the warrants issued at .50 and had a hold period till a month ago. If it does it will be in a serious breakout mode. Tartan is run by one of the guys that built Hurricane Hydrocarbons.
Issues California Drilling Activity Update
12/6/02
Tartan Energy Inc. ('Tartan'), announces that, further to the Corporation's news release dated November 28, 2002 it has successfully drilled the first Diatomite/Fractured Shale Test well, to contract depth, pursuant to the terms of the previously announced Participation Agreement and is in the process of casing the well. Based on available log information, Tartan as operator of the well, believes this well encountered over 600 feet of potentially productive oil and gas pay. The Corporation is continuing to evaluate log and sidewall core information, and intends to implement preparations for the production testing of the well. Further technical information and the results of the production testing will be made available upon receipt by the Corporation.
Tartan's partner, a private Delaware corporation, is paying 100% of the costs of drilling and completing the Diatomite/Fractured Shale well. Tartan has a 15% working interest before payout and a 45% working interest after payout.
Tartan also announces that it has successfully drilled nine (9) shallow wells on its Lost Hills Field acreage in Kern County, California. These wells are part of the first phase of a development drilling program previously announced by the Corporation. Eight (8) of the wells were successfully completed in the Etchegoin W3 and W5 formations and the last well is currently being completed in the W3 formation. Extensive testing of the multi-formation wells has provided significant geological data to direct future shallow drilling. Two of the wells were drilled over a mile north of Tartan's existing W3 and W5 producing wells, on the NW Lost Hills acreage.
Since drilling the initial shallow wells, Tartan has also been upgrading its field infrastructure. The expanded facilities are intended to accommodate the increased production from Tartan's recent new wells and
future drilling activities. Temporary production facilities have been established on Tartan's NW Lost Hills acreage to facilitate early production. It is anticipated that permanent facilities will be established with the drilling of additional wells and subject to obtaining financing. Tartan has a 100% working interest in the Shallow Etchegoin formations.
CONTACT: TEL: (403) 221-8375 John J. Komarnicki, President and CEO
TEL: 1-888-290-1335 Jim Clarke, Investor Relations
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