May 29, 1998 Alberta Stock Exchange Symbol: CCX
RT. HON. JOE CLARK APPOINTED TO ADVISORY BOARD
Cubacan Exploration Inc. ("Cubacan") is very pleased to announce the
commencement of a relationship with Joe Clark & Associates under which the
Right Honorable Joe Clark, P.C. C.C. will join Cubacan's Advisory Board.
Mr. Clark served with distinction in the most senior positions in the
Government of Canada, including Prime Minister. Recognized and respected
internationally, Mr. Clark presently serves on the Board of several
companies operating in Canada and internationally.
Joe Clark & Associates knowledge of international diplomatic customs and
protocols will further strengthen the Company's relationship with the
Government of Cuba which is essential when operating in Cuba. Cubacan's
potential to be a significant participant in the international oil and gas
arena is based on an extremely proficient technical team, committed
management and extensive scientific data. The addition of Mr. Clark, and
Joe Clark & Associates, will further enhance Cubacan's present capabilities
and future operations in the Republic of Cuba.
FAROLA NORTH #1 WELL RESULTS
The reserves from the Farola North field have been estimated from seismic
data and the log results from one well drilled in the first quarter of
1998, the Farola North #1. The mean reserves estimated are 23 million
barrels equivalent of light oil and associated natural gas. As no
production testing data is available from the well or the field;
producibility of the reserves is not confirmed. The accuracy of this
reserve evaluation must be taken in the context of the limits of the data
available therefore, only possible reserves are indicated.
These numbers represent the Company's in-house engineering calculations
from a review of all data available. A log interpretation from an
independent engineering consultant indicates 4 significant hydrocarbon
bearing zones. Seismic evidence supports that the area of closure within
the largest potential hydrocarbon bearing zone is between 4 and 5 square
kilometers and the total field could be as large as 10 square kilometers.
The presence of hydrocarbons within multiple target intervals in the first
well drilled by Cubacan has significantly enhanced the potential of the
remaining prospects and plays identified on Cubacan's two concessions.
Through the results of its first well, Cubacan has confirmed the existence
of prospective hydrocarbons within this wildcat region of Cuba.
FAROLA NORTH #1 PRODUCTION TESTING
The Company has sourced and is currently in the process of obtaining the
necessary equipment to conduct a production test over the identified
hydrocarbon intervals. Shipment and delivery of the equipment to Cuba
should occur within 60 days upon which testing of the intervals of interest
will commence. After evaluation of the production test data, the Company
will make a decision to complete and equip the Farola North #1 well.
ANNUAL GENERAL AND SPECIAL SHAREHOLDER MEETING
The Annual General and Special Shareholder Meeting has been set for
Wednesday, June 24, 1998 at 3:00 p.m. in the Barber Room at the 400 Club,
710 - 4th Avenue S.W., Calgary, Alberta. |
