PROBE COMMENCES FALL DRILLING PROGRAM WITH SASKATCHEWAN SUCCESS
Sept. 26 - Probe Exploration Inc. (PRX-ASE) today
announced the results of the first well of its 8 well program planned for the
remainder of 1996. A 1000m oil well has been drilled on Probe's Antler
Project in SE Saskatchewan. The well which is a follow-up to two other
successful wells drilled in February, tested 300 bbls per day of 33 API crude
from 16m of net pay in the Souris Valley Formation. Probe expects to produce
the well initially at 75 to 100 bbls of oil per day with water cuts increasing
over the next six (6) months. Based on Probe's area experience the company
expects to increase overall fluid output thereby maintaining commercially
viable oil production.
Superior operating netbacks are assured due to the high selling price of
the light Antler crude and the close proximity of treating and disposal
facilities. Probe operates the Antler project and owns 55% working interest
in 3600 acres of land with 8 wells plus a 3000 BOPD facility. Subject to
production performance from the latest wells drilled, future plans for the
Antler project may include an extensive 3D seismic program and the drilling of
another 4 to 6 locations.
In addition to this positive progress at Antler, Probe has recently
tied-in four wells on its Leduc project and has drilled, cased and completed
another 3 wells on this project. Production results from these new wells may
be disclosed following additional land acquisitions. Probe is now producing
over 850 BOEPD (up from 450 in June 1996) and has an additional 750 BOEPD
either tied-in or waiting on equipment.
For further information: Stephen P. Gibson, President or Barrie Wright, Vice President, Probe
Exploration Inc., (403) 233-2464
15:55e 26-SEP-96
kerm thanks for the analysis and tips on finding a good comparison basis between companies.
i'll use production and reserves /share basis for future comparison s
if i can.
you mention that the life of reserves is excellent. is 5 years
minimum . 10years average 15 good etc??
one thing i seem to be picking up on with these releases is that they have done the drilling and now want to pick up more land before releasing the drill results. i would guess they have a feeling there is a fair chance of it being a possibly profitable area.
(antler ridge) SE saskatchewan.
financial postoct2/96 page 11. :"The prime search areas include south eastern saskatchewan and bordering U.S. states,as well as north eastern B.C. the heavy oil regions of alta. and offshore nfld. and nova scotia" prx,c might as well stay quiet and see what they can acquire. never hurts tp try.
fpostoct5/96 page50 :" In the U.S. oil reserves have fallen to their lowest point in 20years,and the amount of natural gas in storage
fell 80%."
" Figures like that add up tohigher oil prices ,so companies with producing wells ,or even good exploration plays,stand to benefit"
a cold nasty winter could make oil more attractive than the golds? |
