FIELD ACTIVITIES / Newstar Resources updates Drill Program
TORONTO, March 11 /CNW/ - Newstar Resources Inc. (NASDAQ: NERIF and TSE:
NER) announces that, in its Pinconning Prairie du Chien field, the 12,500 ft.
Power 1-16 well is presently being cased for production. In the same field,
the Metz 1-15 is near target depth. Newstar presently has 3 producing wells in
the field and contemplates spudding 2 more wells during 1998. Newstar's
interest in all of these wells is near 100%.
In its 100% owned Madisonville field in East Texas, a 32 square mile 3D
seismic survey is in process. Newstar plans to spud a 17,600 ft. well in the
second quarter to test a large structure in the Cotton Valley formation.
Newstar is presently running a final seismic line on its 100% owned
Hansen-Sunset prospect in northern Michigan. A 10,000 ft. well to test a large
structure in Prairie du Chien formation is planned for the second quarter. The
Hansen-Sunset prospect is adjacent to a prolific gas-condensate reservoir in
the Prairie du Chien formation. (Production through July, 1997 of 33.9 BCF of
gas plus related condensate).
Michigan-based Newstar Resources Inc. is an oil and gas exploration and
production company with operations in Michigan, Ohio and Texas. The Company
trades on the NASDAQ National Market System under the symbol NERIF and the
Toronto Stock Exchange under the symbol NER.
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Certain statements in this news release regarding future expectations of
reserve potential, production and drilling may be regarded as
''forward-looking statements'' within the meaning of the U.S. Litigation
Reform Act. They are subject to various risks, such as the inherent
uncertainties in interpreting engineering data relating to underground
accumulations of oil and gas. Actual results may vary materially. |
