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Gold/Mining/Energy : CURLEW LAKE RESOURCES (CWQ-VSE)
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To: Kevin Vickers who wrote (258)4/21/1998 9:49:00 PM
From: Dale Schwartzenhauer   of 701
 
MAJOR GAS DISCOVERY ANNOUNCED

Turner Valley exploration progress

Curlew Lake Resources Inc CWQ
Shares issued 21,129,526 Apr 20 close $0.15
Tue 21 Apr 98 News Release
Mr Robert Pincombe reports
The company has released a report on its participation in exploration and
development activities in the Turner Valley area of Alberta. The
Imperial-Berkley Turner Valley 2-21-21-3 W5M well was drilled and completed
in a regional Mississippian gas zone with 100 ft of net pay in a gross 126
ft Turner Valley section. Ninety feet of Turner Valley reservoir section
was perforated. The April 1 1998 Crown P&NG lease sale prevented
participants from releasing information and precluded the operator from
conducting any major testing and completion work on the well prior to that
date. The farmor/farmee group acquired 1,120 acres at the sale, which
provides fill in land coverage over the new gas pool.
Imperial Oil Resources is the operator of the well and reported that, based
on seismic data, the portion of the pool in which it has an interest is
expected to contain approximately 150 billion cubic feet (bcf) of gas in
place. Imperial Oil advises that the 2-21 well was tested in March at rates
of one to three million cubic feet per day (1-3 mmcf/d) and that economic
recoverable reserves cannot be determined until pressure build-up analysis
is complete and reservoir deliverability can be analysed. The gas has a
hydrogen-sulphide content of approximately 2.7%.
Bearcat Explorations Ltd and Stampede Oils Inc, two other farmor
participants in the well, have reported that their area and regional
geological/geophysical interpretation indicates potential recoverable gas
reserves in this new gas field should be in the order of 600 bcf. They also
report that well deliverability should improve significantly after
stimulation. Two follow up wells to the current 2-21 gas discovery are
expected to begin in the near future.
With regard to the recently drilled BPC et al Turner Valley 12-35-20-3 W5M
well, it is now planned to whipstock this well into the newly discovered
regional Turner Valley gas pool when a rig is available likely early this
summer.
In addition to this new discovery in the Mississippian Turner Valley
formation, the group previously made a significant gas discovery in the
Stampede Bcat et al Hartell 4-13-19-2 W5M Devonian crossfield well at the
southern end of the trend. The spacing unit for the Hartell discovery has
proven recoverable reserves of 42 bcf and the overall South Turner Valley
crossfield gas pool has been estimated to hold at least 250 bcf. This gas
has hydrogen-sulphide content of approximately 22% and contains 12 barrels
of light 43 API gravity oil per million cubic feet of gas. Two development
wells are planned for this south pool this year.
The turner Valley prospect is now developing into a major gas development
project. It is expected that Mississippian gas production will begin this
year and Devonian crossfield gas production should begin in 1999.
Information related to the potential for major oil development on this
prospect will be forthcoming at a later date.
The company's working interests in the regional Mississippian Turner Valley
gas formation varies from 1.3% to 2.78% and in the underlying Devonian
crossfield gas from 2.5% to 5%.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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