News Release(also at Canadian Stocks)
Hegco Flares Gas At El Grande Well
The President and Chairman of HEGCO
Canada, Inc., Douglas C. Hewitt, is pleased to announce that the Company began to flare gas from the El Grande Well late Friday, April 3. The flaring occurred naturally, with no treatment, from an isolated interval within the lower Arbuckle zone.
Upon flaring the gas, Mr. Hewitt stated, ''Evaluation thus far
conclusively determines that this reservoir system contains marketable gas.
Management's expectations for this field are very high. We will be evaluating the current well as well as drilling additional wells on our acreage positions to understand the magnitude of this Arbuckle reservoir system. Over the last several weeks, the company has continued to increase its acreage position over a seismically defined area and has acquired interests in 33 square miles surrounding the El Grande re-entry.''
Field operations had been delayed due to mechanical problems prior to the first isolation, and in the past week to weather. The Company is attempting to complete its testing process in a timely manner. The Company wants to be thorough in its evaluation to obtain as much knowledge as possible to assist in the development of the entire field.
In addition to the evaluation of the Arbuckle zone, the company is
planning to drill, test and evaluate the Penters zone, which is above the Arbuckle. The Penters is one of the primary objectives in this field. When evaluating the Arbuckle zone with Schlumberger's Ultra Sonic Imaging Cement Evaluation log, the Company also identified gas present in the cement board over the Penters zone. Management estimates that in addition to the Arbuckle discovery the Penters zone is expected to contribute significantly to the possibilities in this field.
HEGCO Canada, Inc., is an Alberta, Canada corporation trading on the
Alberta Stock Exchange under the symbol, ''HEG''. The Company is an oil & gas
production, servicing and drilling company operating in Oklahoma and Arkansas.
On behalf of the Board:
Douglas C. Hewitt,
Director, Chairman
The Alberta Stock Exchange has neither approved nor disapproved the
accuracy or adequacy of the information contained herein.
|
