Attention Business Editors: STAMPEDE OILS INC.
CALGARY, July 28 /CNW/ - Stampede Oils Inc., operator of the Stampede et
al TV 7-25-20-3 W5M well, advises that it has received AEUB approval to deepen
the 7-25 well from the current suspended depth of 10,400 feet, to 12,267 feet,
to test the underlying Regional Devonian Crossfield reservoir.
The Crossfield is expected to be approximately 300 feet structurally
higher than where encountered in the offset Stampede et al TV 6-23-20-3 W5M
well 1 1/4 miles to the southwest. The 6-23 well is currently suspended with
an indicated 42 feet of gas zone in the top of the Crossfield reservoir. The
Crossfield in the 7-25 well is indicated to be 266 feet thick with a minimum
of 170 net feet of gas and recoverable spacing unit gas reserves should be at
least 60 billion cubic fee (BCF). Production rate capability is expected to
range from 10-15 million cubic feet (mmcf) of gas per day.
A rig is to be contracted within the next two weeks and the deepening
operation should be underway shortly thereafter. The entire drilling and
testing operation is expected to take 30 days.
The 7-25 Devonian Crossfield gas test is considered to have good
probability for success as its relationship to the offset 6-23 well with an
indicated 42 feet of gas pay is analogous to the original Stampede et al
Hartell 4-13-19-2 W5M discovery well and a similar offset well.
Stampede Oils Inc. and Bearcat Explorations Ltd. have minimum direct and
indirect interests of approximately 13.5% and 28%, respectively, in the
related 7-25 petroleum and natural gas (P&NG) lease.
A surface lease has been obtained for the Stampede et al TV 11-15-21-3
W5M well. This well is to be drilled as a Regional Turner Valley gas test
well, offsetting by one-half mile the recently drilled Imperial Berkley Turner
Valley 2-21-21-3 W5M Regional Mississippian Turner Valley gas discovery well
which is currently being readied by the operator for final completion
operations. Drilling license application procedures are now underway for the
11-15 well and operations are to be underway by late August, with total depth
expected to be reached approximately 60 days later.
The 11-15 well is considered to be a development well and should
successfully encounter an approximate 100 feet of Regional Turner Valley gas
zone. Production capability is expected to be from 10-15 mmcf of gas per day
and recoverable reserves are indicated to be at least 40 BCF for the well
spacing unit. This new Turner Valley gas pool is interpreted to contain a
minimum of 600-800 BCF of recoverable gas reserves.
Stampede Oils Inc. and Bearcat Explorations Ltd. have minimum direct and
indirect interests of approximately 28% and 55%, respectively, in the related
11-15 P&NG lease.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
Stampede Oils Inc. is listed on The Alberta Stock Exchange under the
symbol STF.
%SEDAR: 00002431E
-0- 07/28/98
For further information: P. de Bruycker, (403) 265-6166
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