Here is the current release. The company is hoping to have the flow rates next week. The delay came into play as a result of the unexpected oil presence. They obviously have sufficient oil to pay attn to it, but I have no indications as to what type of volume to expect.
The other 2 zones, the Duffer and Ellenburger, although both uneconomic, in "this" well did have reasonable showings. They will have to be drilled at other locations, but in both cases the zones were penetrated by this drilling at the outer edges of the structures, so the company is actually quite happy with what they encountered.
Salut,
Leigh McBain
COMMONWEALTH ENERGY CORP.
Phone: 1-800-950-2587
Fax: 1-604-536-2369
Web-site: www.commonwealthenergy.com
E-mail: coenergy@direct.ca
October 21, 1998
Trading Symbol: CWY (ASE)
MEDIA RELEASE
Commonwealth is pleased to announce that the completion of the Camp
Colorado Warren #1 well is in progress in the Marble Falls zone. After
treating the formation and recovering fluids from the treatment, there is a definite inflow of oil with the gas in the zone. The well has been shut in while surface equipment is being installed to facilitate a production test. We will announce these results when the well has stabilized.
As reported earlier, the Chapman wells produced natural gas only. So far our test indicates both oil and natural gas in the Marble Falls zone. The distance between the test well and the Chapman Property is more than two miles. Commonwealth holds more than 1,200 acres in this block. The aerial extent of production will be determined by future wells drilled between this test well and the Chapman wells.
Both the Duffer and Ellenburger zones were tested and although oil and gas shows were encountered in these zones, Commonwealth determined them to be non-commercial in this well. However, future wells will be drilled to these targets.
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. |
