FIELD ACTIVITIES / Belair - Kakwa
BELAIR PARTICIPATES IN KAKWA WABAMUN TEST
CALGARY, Aug. 5 /CNW/ - BelAir Energy Corporation announces that it is
participating in the drilling of Kakwa 15-33-61-5 W6M. The subject well has
been spudded and is programmed to drill to a total depth of 4450 metres.
The targeted Wabamun test is based on 3-D seismic and is the same target
formation in which Chevron recently announced their discovery well Chevron et
al Musreau 6-25-62-6 W6M. The Kakwa well is approximately five miles from the
Chevron well. Chevron had announced that the well produced on a restricted
rate of 20 mmcfpd, but that the well had a productive capability in excess of
40 mmcfpd. Industry analysts suggest that the Chevron discovery could be part
of the largest gas field in Alberta.
''A successful well could have a substantial impact on BelAir,'' states
Victor M. Luhowy, President of BelAir Energy, ''both in terms of reserve adds
and future cash flow. Our working interest in the well fits well within our
risk management profile for our size of company, yet a successful result would
have a significant impact on our company.'' BelAir's working interest in the
well is five per cent.
BelAir Energy Corporation is based in Calgary and is involved in the
exploration, exploitation and production of petroleum reserves in Western
Canada. BelAir is listed on the Alberta Stock Exchange and trades under the
symbol ''BGY''.
For more information on BelAir Energy Corporation, please visit BelAir's
website www.belairenergy.com starting August 11, 1998.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
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For further information: Victor M. Luhowy, President & Chief Executive
Officer, or Ken MacRitchie, Vice President & Chief Financial Officer, (403)
265-1411, Fax: (403) 263-8119
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