FIELD ACTIVITIES / Ridgeway Petroleum updates Gas Estimates
CALGARY, Jan. 28 /CNW/ - Ridgeway Petroleum Corp. has engaged
Schlumberger IPM, an operating unit of Schlumberger Oilfield Services, to
undertake an initial field development study, including a preliminary estimate
of gas in place, for the Company's St. Johns CO(2) / Helium Project located in
eastern Arizona and western New Mexico.
While the final report of the results of Phase I of the field development
study will not be available for approximately two weeks, Schlumberger has
advised the Company that the results of the preliminary estimate of gas in
place indicate that the field may contain as much as twenty - one (21)
trillion cubic feet of CO(2).
As new information becomes available, revisions may be required which
might significantly change the preliminary estimate.
The preliminary estimate does not qualify as a reserve estimate report
under applicable U.S. or Canadian securities regulations, and has not been
verified by an independent reserve estimator. Accordingly, neither the
preliminary estimate nor the field development study should be relied on for
financial investment purposes.
ON BEHALF OF THE BOARD OF DIRECTORS
-----------------------------------------
J. Bruce Petrie, Chief Financial Officer
NO STOCK EXCHANGE HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED
HEREIN.
Certain statements in this News Release constitute ''forward looking
statements'' within the meaning of the Private Securities Litigations Reform
Act of 1995. Such forward looking statements involve risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the Corporation to be materially different from any future results,
performance of achievements expressed or implied by such forward looking
statements.
|
