FIELD ACTIVITIES / Range Petroleum Corp. Drilling Agreement
MIDALE, Sask., March 30 /CNW/ - Range Petroleum Corporation
VSE: 'RAN'
Range Petroleum Corporation announces that it has entered into a drilling
option agreement with Renata Resources Inc. covering Range's 100% working
interest lands in the Trossachs (Midale) area of southeastern Saskatchewan.
Under the agreement, Renata et al will drill the well ''Renata DBM Abbott
4-24-7-17 W2M'' to a minimum depth sufficient to penetrate the Ordovician
Formation estimated 2,500 metres subsurface. The Renata DBM well directly
offsets Range's 100% held sections 13 and 14, which form part of the company's
3,520 gross (2,720 net) acre leasehold block in this area. Range has granted
to Renata et al continuous roll-along drilling options on the entire
3,520-acre block. The first option well, if drilled, would commence no later
than 120 days following rig release date on the Renata 4-24 test well.
Subsequent option wells would be drilled at not greater than 90-day intervals.
Renata has licensed the 4-24 test well as 2,800-metre Deadwood test.
Drilling commenced on March 18, 1998. Further information on Renata's test
well will be restricted due to the ''tight-hole'' status designated by the
Operator.
Devonian Specialist Joins Range
The Company is pleased to announce the addition of Mr. Mark Hadley, M.Sc
Geol. to Range's exploration team, Mr. Hadley joins Range after 11 years
experience in the Western Canadian oil and gas industry with Husky Oil,
PanCanadian and most recently as Senior Geologist with Suncor Energy Inc. Mr.
Hadley, who specializes in Devonian carbonate reservoirs, has generated and
drilled multiple Nisku, Swan Hills, Leduc and Wabamun projects. Mr. Hadley's
skills complement Range's Exploration Team with its focus on high impact
reefal structures.
The Company is granting Mr. Mark Hadley 100,000 Employee Incentive Stock
Options exercisable at $1.69 per share, expiring March 25, 2003. |
