USEG - Uranium Power Corporation Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : USEG - Uranium Power Corporation

USEG 1.125

-3.0%

3:02 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: jmhollen who started this subject	1/14/2003 4:07:29 PM
From: jmhollen	of 72

PNG Ventures Inc: Logging and Testing Confirm Massive Reservoir Potential NANAIMO, British Columbia--(BUSINESS WIRE)--Jan. 14, 2003--PNG Ventures Inc. (Pinksheets:PNGV) Alan Brown, President of PNG Ventures Inc. (the "Company" or "PNGV") is pleased to report that limited testing at the 7-32 well has now been completed with positive results. During drilling operations rock particles were recovered, oil and gas shows were confirmed, cores were cut and analyzed, logs were run and 3 intervals tested confirming the potential of massive fracture reservoirs containing unlimited reserves under the Company's extensive land holdings comprising 97 square miles. The logs revealed a number of fracture systems only 2 of which are verified by testing. A third interval at the bottom of the hole also was tested, which was cored but not logged and observed to be fractured with oil and gas shows. The 3 tested intervals are 1645 - 1670 meters (82 feet), 1755 - 1800 meters (148 ft) and 2345 -2363 meters (59 feet). All three intervals yielded fluid recoveries with gas shows and good formation pressures which confirm permeability. An analysis of these samples indicates they are largely comprised of filtrate that invaded the fracture systems during drilling operations. The filtrate recoveries and gas shows confirm the presence of oil and gas in fracture basement rocks. The Company's joint venture partner and operator of the project, Uranium Power Corporation (OTCBB:URMP) has recommended a testing period of several days be required to allow the fractures to be cleared of the invading filtrate to enable oil and gas to enter the well bore. This testing procedure cannot be accomplished with the drill rig utilized to complete the drilling program. The rig has been released and a service rig will be immediately contracted to continue this testing procedure. The program will include running a string of tubing to swab all of the drill mud out of the well. The total length of the well (2363 meters or 7750 feet) would then release oil and gas from all permeable fracture zones which may result in oil and gas production. The Company shall continue to release further information on receipt of the same. CONTACT: PNG Ventures Inc. Giuliano Tamburrino, 403/297-9238 877/999-9238 (toll free) gtamburrino@shaw.ca www.cbm-resources.com or PFG Inc. Carl Marciniak, 949/852-1812 .

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next