New technology should significantly decrease exploratory drilling requirements.
Salut,
Leigh McBain
January 12, 1999
Trading Symbol: CWY (ASE)
MEDIA RELEASE
PROVEN INNOVATIVE GEOLOGIC TECHNOLOGY GIVES COMMONWEALTH A SIGNIFICANT EDGE
IN ITS EXPLORATION PROGRAM.
Commonwealth Energy Corp. ("the Company") is pleased to announce their
agreement with Electro-Seise Inc. (ESI) of Fort Worth, Texas to employ
their proprietary 3-D gravity/E geological survey technology on all the
company's oil and gas prospects. The ESI system is a culmination of 27
years of research and development in passive geophysical surveys by the
company's founder, Richard G. Talbert. The technology offers significant
advantages over conventional 3-D seismic systems. The system not only
detects subsurface anomalies, but also detects the presence of hydrocarbons
in any geologic province or formation. In addition, the system is 5 times
faster, costs a fraction of the amount of other 3-D seismic surveys, and
can often differentiate between oil and gas deposits. The system has also
proven equally effective in surveying previously unexplored areas or in
testing and verifying other geological surveys.
The company's decision to enter into an agreement to secure a 5-year
exclusive use of the technology in Wyoming's Powder River Basin was based
on ESI's successful track record. In the past two years, ESI's success
rate was 87% and out of the last ten wells they have surveyed, all ten
wells (100%) were successful completions. Also contributing to the
Company's decision was ESI's successful identification of Commonwealth's
Camp Colorado hydrocarbon deposit. The ESI system not only identified the
structure, but also accurately detailed each potential hydrocarbon bearing
zone.
Management is confident that utilization of this technology will lead to
the identification of many highly qualified hydrocarbon deposits at a
fraction of past costs.
For more information, please contact Bob Stewart or Doug Wolters (Investor
Relations) at 1-800-950-2587, or Michael Du Mont at (604) 688-3543. |
