To All, I find it very curious (and somewhat disconcerting) that Mr. Richard Watson
is the apparent author of both news releases, yet the release for SVV (GAI's joint
venture partner) is so different and paints what appears to me a much rosier picture
for SVV. Comments?
Silver Peak Resources Ltd -
Montana well locations confirmed
Silver Peak Resources Ltd
SVV
Shares issued 9642013
1997-09-09 close $0.73
Wednesday Sep 10 1997
Mr Richard Watson reports
The company has been advised by its independent geological
consultant and exploration team geophysicist that 3-D seismic has
confirmed 10 Red River well locations in Richland County, Montana. The
well locations confirmed are on only five of 14 Red River features that
have been identified to date within a 50 square mile 3-D survey shot
earlier this year. Further results are forthcoming.
Included in the 10 Red River locations is one excellent 1,000 acre,
geological structure that has the possibility of being a five or more well
field. A parallel can be drawn with the Bainville North field, which is 30
miles to the northeast. This field contains eight Red River producers on
160 acre spacing. Cumulative production, to date, for Bainville North,
which was discovered in 1979, exceeds two million barrels of oil. The
Bainville field is still producing from the Red River and secondary
objectives after 18 years.
The company has a 25% working interest in a joint venture, which has
39,822 gross acres, in the Williston Basin, Montana. Fifty square miles
of 3-D seismic survey has been shot, interpretation and land acquisition
is continuing. One Red River well was drilled and completed having an
initial flow on 13/64 inch choke of 322 barrels of fluid (99% clean
premium light crude oil) and 149 mcf of gas per day. Further drilling is
planned. |
