The following release was put out the other day, my apologies for not getting it posted earlier. This is just one indicator of the company stepping up to the plate and attempting to build the value for the shareholder. Expect to see further releases regarding other leaseholds in the area as well as the subsequent drill program.
Also please remember that Commonwealth is a partner, with Energas in the Seedy Draw Well (Turner Zone) that was just perfed and treated. Results should be out somewhere in the 7-8 week range.
Salut,
Leigh McBain
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COMMONWEALTH ENERGY CORP.
Phone: 1-800-950-2587
Fax: 1-604-536-2369
E-mail: coenergy@direct.ca
Website address: www.commonwealthenergy.com
July 14, 1998
Trading Symbol: CWY (ASE)
MEDIA RELEASE
Commonwealth is pleased to announce a natural gas project in Coleman
County, Texas.
The Company is in an active leasing program and to date has acquired about 50% of the land it is interested in. Although there are 4 potential zones of interest that could produce commercial quantities of hydrocarbons, the main target zone is the Marble Falls. Four wells in close geologic proximity to the prospect have produced more than 4 BCF (Billion Cubic Feet of Gas) to date. That is more than 1 BCF per well. Commonwealth will announce the drilling date of a test well in this area as soon as the leasing has been completed.
Commonwealth has been working on additional properties in the Powder River Basin, Wyoming. The target of interest is the Dakota Channel. These prospects are considered very key to the long-term development of Commonwealth's proven reserve goals.
In reference to our media release of June 1, 1998, the treatment of the River Road #1 well, Seedy Draw, Niobrara County, Wyoming is now complete. The Turner zone has been successfully perforated and treated. It will take approximately 60 days to obtain results. Further announcements are forthcoming.
For further information, please contact Bob Stewart or Doug Wolters
(Investor Relations) at 1-800-950-2587.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
INFORMATION CONTAINED HEREIN. |
