Cascade Energy Discovers Oil at the "7-1-64-25W4M"Bolloque Well -- Testing Now to Commence
9/26/05
TUCSON, AZ, Sep 26, 2005 (MARKET WIRE via COMTEX) --
Cascade Energy, Inc. (OTC BB: CSCE) today is pleased to announce that the Company has discovered oil at the Bolloque "7-1" well and has made an election to run casing. The well reached a total depth of 1,055 metres (3,462 feet) and a suite of electronic logs was run. The logging indicates the presence of oil on logs within the targeted Leduc (D-3) Formation. Based on this positive development, the well was cased to depth. The testing phase of the well has now commenced.
Cascade has called for a completion rig that will perforate and swab test this promising section of the Leduc Formation. The testing phase of the well is anticipated to take approximately 10 days, dependant on rig availability. The "7-1" well has confirmed the presence of a Leduc Pinnacle Reef buildup under the Company's leases and that the presence of hydrocarbons is indicated on the logs.
The project is located 60 miles north of Edmonton, Alberta, in the prolific oil-producing Leduc area. Leduc Reef oil fields south of Bolloque contain oil wells that produce oil at rates of several hundred barrels per day. Also, individual wells have cumulatively produced over one million barrels of oil. Production has been between a low of 145 and a high of 400 barrels per day with pay thickness of 35 to 142 feet.
Cascade acquired a 49% working interest in the Bolloque Project and will earn its working interest by drilling, casing and completing one exploratory well on the leases.
ABOUT CASCADE ENERGY
Cascade is an explorer for natural gas and oil with a head office in Sacramento, California, in the heart of California 's gas country. The primary objective of Cascade is to acquire, discover, upgrade and expand North American onshore oil and gas reserves towards near-term production and cash flow, together with identifying and participating in exploration opportunities. By maintaining a balanced debt and equity mix, Cascade's operating strategy is to become cash flow positive in the short term to allow the Company a re-investment of production dollars to enhance and grow company assets. By searching and identifying exploration and producing properties that fit the company's investment and production criteria, Cascade has formulated a strategy to prioritize assets that provide low risk, short payback period and long life reserves.
Safe harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Cascade Energy Inc. has little or no control.
ON BEHALF OF THE BOARD
Cascade Energy, Inc.
Chris Foster-Director
Contact: Chris Foster 1-888-359-9565 (Visit our website at www.cascadeenergyinc.com)
SOURCE: Cascade Energy, Inc. |
