HRP.T Harbour Petro Message Board

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Gold/Mining/Energy : HRP.T Harbour Petro

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To: Hemy who wrote (10)	10/9/1997 8:32:00 PM
From: Jan Johnstone	of 62

To All: Anyone have any thoughts on today's newsrelease, and prce jump ???? Harbour Purchases Controlling Interest in Wayne Oilfield CALGARY, ALBERTA--Harbour Petroleum Company Limited announces an agreement to purchase up to 92.5 percent working interest in the core area of the Wayne oilfield subject to approval of both boards of directors of the purchaser and seller. Wayne is a medium gravity 31 degree API pool accumulated in a 33 foot thick Mannville oil zone with excellent optimization potential. Harbour will operate the field which to date has only been drilled with vertical wells on 50 acre spacing and primary recovery. The purchase, totaling $8.5 million to date, is funded with cash and Harbour's unused bank line of credit. Current production from this working interest is 265 BBLD. Harbour's proposed oilfield development and optimization is a $10 million capital program to include fracing twelve wells, drilling twelve horizontal wells and installing waterflood facilities. When completed in 1998, the project inclusive of purchases, is expected to add 1,150 BOED to Harbour and 3.6 million bbls of oil reserves.

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