WOLVERINE ENERGY (WVE.A) - Recommended in Buy Low, Sell Hi Message Board

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Gold/Mining/Energy : WOLVERINE ENERGY (WVE.A) - Recommended in Buy Low, Sell Hi

WVE 8.590

-5.0%

10:16 AM EST

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To: Chi-Chi who wrote (16)	4/29/1998 3:11:00 PM
From: terry	of 37

WOLVERINE ENERGY ANNOUNCES WEST GHOST RIVER SUCCESS CALGARY, April 29 /CNW/ - Wolverine Energy Corp. (WVE-ASE) reports that production testing at West Ghost River (100% working interest) has confirmed very significant natural gas reserves as a result of the Company's horizontal drilling efforts in the area. Two horizontal sections were drilled from the Wolverine Salter 2-32-26-8W5M wellbore to a target at 15-29-26-8 W5M. One horizontal leg was drilled into the Upper Mount Head formation and encountered just over 310 meters of horizontal gas pay. During production testing, this leg was flowed at variable rates to simulate pipeline delivery pressures. Test rates reached as much as 8 MMscfd at a flowing wellhead pressure of 2290 psi however additional reservoir stimulation (acidizing) is required to optimize the well deliverability. Testing also confirmed earlier estimates that the produced gas contains only 3.5% H2S thus reducing earlier surface loss estimates. The well did not produce any associated hydrocarbon liquids or water during testing operations. An independent engineering reserve estimate was performed by McDaniels and Associates and as a result of the horizontal drilling, 20 Bcf of total proven reserves have been assigned to the Upper Mount Head formation with another 10 Bcf of probable reserves. As a result of this recent success, Wolverine Energy now estimates that the Upper Mount Head formation at West Ghost River has the potential to duplicate the performance of the nearby Ghost River Gas Unit (12.5% working interest) which originally had 80 to 90 Bcf of marketable gas reserves in place. Development plans for the West Ghost River area now include an additional 2 drilling locations, that are expected to add 10 to 20 Bcf per well, and the construction of the pipeline to tie the gas into the Shell Jumpingpound gas plant. In the South Ghost River area (100% working interest), 3D seismic will be shot to confirm earlier seismic interpretations prior to drilling the first well on this structure. Wolverine Energy has also identified 2 wells within the Ghost River Gas Unit (12.5% working interest) for horizontal drilling application to fully exploit the proven reserve base in the Unit. Based on these activities, Wolverine Energy now estimates the Ghost River area to have the potential of over 150 Bcf of natural gas reserves. The second horizontal leg drilled off of the 2-32-26-8 W5M wellbore reached a length of just over 360 meters in length and targeted the Lower Mount Head and Turner Valley formations. The Company now estimates the Lower Mount Head formation to have the same reserve potential as the Upper Mount Head formation. Additional drilling and testing is required to evaluate this prospective horizon. Wolverine Energy Corp. continues to pursue its natural gas growth strategy in the central and southern Alberta foothills through property acquisitions and farm-in opportunities. Wolverine Energy expects natural gas to provide significant growth opportunities for the Company and intends to focus its 1998 capital programs on this commodity. For additional information on the Company, visit us at our website www.wolverine-energy.com The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release.

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