Gresham Resources Inc -
Williston Basin drilling begins
Gresham Resources Inc GRCShares issued 6862332 1997-11-18 close $1.85
Wednesday Nov 19 1997
Mr James Allard reports
The company has begun its
drilling program in the Williston Basin. At the Bow Creek prospect, two
rigs have been moved in to test two of the structural anomalies
identified by the earlier high effort 3D seismic survey. Forest Oil Corp
is the operator on both wells. One well, Tessier No. 33-9, will be
financed by Stanford Energy as one of the earning wells pursuant to an
agreement wherein Stanford can earn up to a one-third interest by
financing three wells in over 25,000 acres owned jointly by Gresham and
Forest. The other Bow Creek well, Prociw No. 44-12, is being financed by
each working interest owner, the company has a one third working
interest in the well. The company took advantage of the unexpected
availability of a second rig in a tight market to accelerate evaluation
of this play. Both wells are expected to spud this week and are the
initial wells in the program of testing the prospects in the
Pennsylvanian Tyler, Mississippian Fryburg and Lodgepole, Silurian
Intertake and Ordovician Red River identified by the seismic. In
addition to the Bow Creek wells, in Renville County, North Dakota, the
company has a 50% working interest in the outside operated Stromstead
No. 5-14 well to evaluate the Mississippian Sherwood formation. This
well is currently drilling.
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Since these wells only take about 4 weeks to hit TD you may want to get some of these shares this week.
Keep an eye on the news and if they hit the lodgepole, back up the truck! |
