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Gold/Mining/Energy : Gronarctic Energy Inc
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To: gennady who wrote (8)7/28/1997 7:12:00 PM
From: Wats   of 32
 
To all: news release....nothing land breaking that's for sure!

3mo interim report

gronArctic Energy Inc GRO
Shares issued 36,295,882 Jul 25 close $0.10
Mon 28 Jul 97 Company Review
Mr C.P. Hanna reviews the company
Activities during the first quarter of 1997 focused on evaluating the 1996
exploration program and planning a 1997 seismic acquisition program in
Greenland.
The results of the 1996 exploration program are as follows:
The airborne gravity and magnetic survey shows several depocentres and
structural highs, creating the potential for hydrocarbon generating source
rock and reservoir traps.
Independent analysis and interpretation of the airborne gravity, magnetic
and magnetotelluric data, indicate the presence of shale diapirism in the
basin.
Drilling confirmed the existence of extensive reservoir sands, sealing
intervals and hydrocarbon accumulation in the Nuussuaq Basin.
Confirmed the ability to conduct conventional seismic acquisition.
Analysis of the core, from the 1995 slim core hole program, encountered
intervals of sand with up to 36% oil saturation. Although the oil is
non-productive it represents active migration of oil into porous reservoir
sands.
Independent analysis by the Geological Survey of Denmark and Greenland has
confirmed evidence of five different oil types suggesting multiple source
rock in the Nuussuaq Basin of the Cretaceous and Paleocene age.
The company is actively pursuing a farm-in partner to participate in the
seismic acquisition program this summer and the drilling of future wells.
The company has also been active evaluating other international exploration
and development opportunities. The company is presently pursuing an
agreement to develop existing oil and gas reserves in the Czech Republic.
(c) Copyright 1997 Canjex Publishing Ltd.
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