Does this count as news?
MARCH 5, 1998
Pan East Updates Activity in Northeast British Columbia.
CALGARY, ALBERTA--
Midwinter (Located 300 miles North of Fort St. John)
Pan East, as operator, has recently drilled, completed and tested
the first of a three well horizontal drilling program. The first
well flow tested at rates up to 17 Mmcf per day during drilling of
a 700 meter (2,300 feet) horizontal section in the Jean Marie
Formation. Production is expected to commence within the next two
weeks at between 5 to 6 Mmcf per day. The second well is cased
with the horizontal section being drilled next week, using
under-balanced technology, and the third well is currently
drilling and will be completed by mid March. Pan East has a 50
percent working interest in the wells with the remaining 50
percent held by its joint venture partner, Chesapeake Energy
Corporation (NYSE:CHK). Ohio Resources Corporation (VSE-OHO) will
hold a 25 percent working interest in the wells after payout.
Bullmoose/Sukunka (Located 85 miles Southwest of Fort St. John)
Pan East, as operator, spudded a significant exploration well at
Windfall a-5-G/93-P-4 on March 2. This well will test a large
structure and should reach total depth of 2,400 meters (8,000
feet) by Mid-June. Pan East has a 25 percent cost interest in
this well and will earn a 35 percent working interest, before
payout and 24.5 percent working interest after payout, in the well
and 10,375 acres of surrounding lands. Pan East's partners in the
well include Fina Resources Inc. and Chesapeake Energy Corporation
with Poco Petroleums Ltd. (TSE-POC) holding an after payout
interest. Pan East's existing well at West Bullmoose
d-96-G/93-P-4 (Pan East - 53 percent), which was completed last
fall, has been tested with several completion and tie-in options
awaiting the results of the Windfall well.
Pan East's Vice President of Operations, David L. Summers, stated,
"British Columbia is an emerging key area for the company. Our
operations are orientated to natural gas targets and include high
potential exploration at Bullmoose/Sukunka and activities at
Midwinter which are more development in nature." |
