NEW LISTING - FIELD ACTIVITIES - CORP. / Calahoo Petroleum
The Company is pleased to announce that it's common shares have been approved
for trading on the Toronto Stock Exchange effective immediately and, in
conjunction, have delisted it's common shares from the Alberta Stock
Exchange. Calahoo will continue to trade under the symbol "CLX".
In other news, Calahoo reports the drilling of a total of 9 gross wells (7.5
net) in the fourth quarter on its operated core properties. The drilling has
resulted in 3 gas wells, 4 oil wells and 2 D&A, for an overall success ratio
of 78%. In northeast BC at Fort St. John and Stoddart, two 100% wells are now
producing, adding approximately 120 boepd to Calahoo's production.
In Alberta, Calahoo has recently tied in a 100% gas well at Sedalia. The well
is producing 500 mcfd at a restricted drawdown. At Nevis, Calahoo drilled and
completed a 50% Manville oil well and a 50% Belly River gas well. Following
the installation of a booster compressor, the Company expects to be producing
approximately 70 boepd from the Nevis area. At Earring, in NW Alberta,
Calahoo cased two 100% oil wells. Completion operations are currently
underway. The wells are expected to add 80 bpd of oil production.
The Company has embarked on a aggressive first quarter drilling program
targeting 35 wells at Haro/Boyer and 6 wells in northeast BC. To date,
Calahoo has drilled and cased 5 wells in the Haro/Boyer area. A second rig
has recently been moved into the area. Calahoo expects the majority of the
wells to be drilled in February and March. An incremental 10 mmcfd of gas is
forecasted to come on stream in the second quarter. In northeast BC, Calahoo
has just drilled and cased two wells, and is presently drilling a third well
at Stoddart. At Taylor, (south of Fort St.John), a joint venture partner has
embarked on a two well program targeted for Mississippian gas. Calahoo will
have an average 45% working interest in the prospects.
The Company is pleased to announce the appointment of Mr. Patrick Oliver,
C.A. to the position of Chief Financial Officer. Mr. Oliver joined the
company in August of 1997 in the capacity of Controller and brings with him
8 years of industry experience most recently with a senior oil and gas
producer. Mr. Oliver articled with Deloitte and Touche Chartered Accountants
and received his CA designation in 1990.
For more information please contact Michael O'Hara, President or Patrick
Oliver, Chief Financial Officer of Calahoo Petroleum Ltd., Suite 400, 407 -
2nd Street S.W., Calgary, Alberta T2P 2Y3 (403)237-8688.
The Toronto Stock Exchange has neither approved nor disapproved the content
of this release. |
