Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba Message Board

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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba

CCX 17.14

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Sep 30 5:00 PM EST

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To: Jim Hitchie who wrote (80)	3/12/1998 2:47:00 AM
From: Jim Hitchie	Read Replies (1) of 223

THE CUBAN INVESTMENT COMPANY A presentation on this potentially huge discovery onshore Cuba was done Wednesday P.M. at the Petroleum Club in Calgary. The potential pay zone is huge.....logging will be done early next week....if it will produce, then you could be looking at NET US$2.00 per share for Cubacan. Stock has been trading on good volume between .40 and .50 for the last month or so......stock had a high of $1.30 when originally scheduled to drill well last year. The following news release was issued after the close of the market on Wednesday: ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Alberta Stock Exchange Symbol : CCX FAROLA NORTH #1 DRILLING UPDATE March 11, 1998 Cubacan Exploration Inc. is pleased to announce the following update on the drilling of the Farola North #1 well. An important event was encountered at 1025 meters kb: a high angle unconformity caps a brecciated and highly fractured Paleocene volcaniclastic sequence which contains a hydrocarbon show of approximately 250 gross meters from 1025 to 1275 meters kb. The vertical seal is thought to be tight overlying calcite cemented volcaniclastic Eocene sediments. There is a second hydrocarbon show from 1455 to 1500 meters kb within quartz and litharenite sandstones. The consulting wellsite geologist states that the geological samples from the show intervals provide evidence of fracturing, which, coupled with a gas chromatograph anomaly of C-1 to C-5 hydrocarbons are encouraging. After logging, the Company intends to test these intervals. As of 8:00 am this morning, the well is currently drilling ahead at 2072 meters kb. The drilling of the well is currently ahead of schedule (27 days of drilling to date) and based on encouraging results to date, Management has elected to continue drilling to approximately 2300 meters kb to fully test the carbonate/volcaniclastic interval. Based on current drilling speeds, it is anticipated that the well will be logged early next week. **************************** Cubacan is a Calgary based junior oil and gas exploration company with interests solely in Cuba. Cubacan is listed on the Alberta Stock Exchange (ASE) with shares trading under the symbol "CCX". ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Jim Hitchie, The Cuban Investment Letter Tel: (604) 929-9694 Fax: (604) 929-3694 email: jhitchie@direct.ca

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