FIELD ACTIVITIES / Circle Energy Inc. updates
CALGARY, Feb. 9 /CNW/ - Circle Energy Inc. announced today that it has
increased its working interest from 37 1/2 percent to 41 1/2 percent in its
Brazeau River Shunda well. Completion and testing are on schedule to commence
next week. Circle has booked a rig to drill a Nisku test well at Brazeau
River after spring break-up and are on rig standby at Morinville, Alberta.
Due to their current financial situation San Marino Minerals Inc. will
not be participating in the drilling program in New Mexico. Harvard Petroleum
Corporation, a well-established oil and gas company based in Roswell, New
Mexico has purchased a 20 percent interest in the Aylsham and Bounty Projects.
Harvard Petroleum is also Circle's partner in the Ranger Lake, New Mexico
project. 3D seismic for Ranger Lake will commence in April. Given the high
gas netbacks in New Mexico and our confidence in Harvard Petroleum we will
continue to aggressively pursue U.S. prospects.
Circle has closed its Public Offering announced in the December 10, 1997
press release. Under the Public Offering Circle raised $1,138,500 (1,897,500
shares). The Flow-Through component of the offering raised $826,800 of the
total.
Circle Energy Inc. is a petroleum and natural gas exploration company
that holds oil and gas leases in the Brazeau, Morinville and Waskatenau areas
of Central Alberta and in Guadalupe, Lea and Quay Counties in New Mexico, USA.
The Company's shares trade on The Alberta Stock Exchange under the symbol
CEN. |
