LOG 1
AEC.. LAST 12/17
AXL.. LAST 11/23
BKP.. LAST 12/18
EEE.. 1999-01-12 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Canadian 88 Energy Corp. Kicks-off 1999 with Major Foothills Drilling Program and New Production and Reserves at Waterton
CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta
announced today that it has kicked-off its 1999 drilling program
in Western Canada budgetted at Cdn. $150 million with a large
drilling program primarily targetting Mississippian thrust sheets
and Devonian reserve accumulations in the foothills of Alberta.
The Company said in Calgary today that it has seven Precision
Drilling Corporation deep foothills rigs currently operating in
Alberta in the Wildcat Hills, Ricinus, Strachen, Olds/Crossfield
and Waterton areas on prospects defined by extensive high
resolution 3-D seismic.
In the Wildcat Hills area approximately 30 miles northwest of
Calgary, the Company is currently evaluating two separate
Mississippian foothills thrust sheets with estimated reserve
accumulation of 100 to 300 Bcf apiece drilling two Canadian 88
operated wildcat wells at L.S.D. 10, Sec. 14, Twp. 27, Rge. 7 W5M
(75 percent Canadian 88) and at L.S.D. 1, Sec. 26, Twp. 28, Rge. 8
W5M (100 percent Canadian 88) drilling to total vertical depths of
3,453 meters and 2,450 meters respectively. In addition, in the
Ricinus area approximately 70 miles northwest of Calgary, the
Company has two rigs operating with a wildcat well drilling at
L.S.D. 13, Sec. 22, Twp. 35, Rge. 9 W5M (100 percent Canadian
88)targetting the lower Mannville formation at an estimated total
vertical depth of 3,600 meters and a development well targetting
the Leduc formation drilling to a total vertical depth of 4,300
meters. Furthermore, wells are drilling and evaluated the
Devonian formation (100 percent Canadian 88)at Olds/Crossfield at
L.S.D. 13, Sec. 34, Twp. 32, Rge. 1 W5M drilling a 1,035 meter
horizontal leg into the Wabamun formation at an estimated total
measured depth of 3,698 meters and at Strachen at L.S.D. 15, Sec.
33, Twp. 37, Rge. 8 W5M where a wildcat well is being drilled 100
percent by Canadian 88 evaluated the Leduc formation at an
estimated total vertical depth of 3,908 meters.
In addition, the Company said in Calgary today that it was pleased
to commence its drilling program in the New Year with all six of
its deep Waterton natural gas wells producing approximately 60
mmcf/d raw gas at restricted rates from its new Waterton natural
gas field in southwest Alberta. Further production volumes are
expected to be added over the next 30 days as Shell Canada
completes required maintenance at its Waterton Natural Gas Plant.
Additional production is expected when Canadian 88 completes the
drilling of a seventh well which is drilling ahead without
difficulty targetting the Mississippian formation with a 300 meter
horizontal leg drilling to a total measured depth of 4,132 meters
at L.S.D. 15, Sec. 24, Twp. 7, Rge. 3 W5M.
The Company said in Calgary today that it is extremely pleased
with its Waterton production and that McDaniels Engineering of
Calgary, Alberta has just completed a reserve evaluation of the
property having assigned 522 Bcf of proven recoverable gas in
place to the property and having estimated shrinkage of only 25
percent resulting in proven reserves of 391 Bcf of sales gas. In
addition, 48 Bcf of probable reserves were assigned to the
property. This compares to 260 Bcf of proven reserves and 42 Bcf
of probable reserves previously assigned to the property and
reported by Canadian 88 as of January 1, 1998. With these
reserves Canadian 88's Waterton natural gas discovery has evolved
as one of the largest natural gas discoveries in the foothills of
Western Canada in the last ten years.
1999-01-07 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Canadian 88 Energy Corp. and Newport Petroleum Corporation Resolve Caroline Dispute
CALGARY, ALBERTA--Canadian 88 Energy Corp. and Newport Petroleum
Corporation have announced today that they have entered into a
settlement agreement with respect to their joint lands in the
Caroline Area. The agreement addresses all of the issues
outstanding between the corporations, and establishes a mechanism
for the withdrawal without costs of all legal actions pertaining
to the dispute between the two corporations.
The companies will be preparing a joint development plan for the
Caroline Beaverhill Lake 'B' Pool for submission to the Alberta
Energy and Utilities Board (AEUB) in early January, 1999. This
plan will detail the drilling sequence, testing plans and
processing alternatives being considered by both companies. Both
Canadian 88 and Newport will continue to actively participate in
the Caroline Beaverhill Lake 'B' Pool Advisory Committee, which
also has representatives from the AEUB, the Sundre Petroleum
Operators Group, and the community.
Included in the agreement is a division of operatorship of the
lands. The corporations will establish a joint technical team to
work together on all development matters including jointly
assessing gas processing alternatives. This will lead to timely
development and ultimate production from this very significant gas
discovery.
CXY.. Canadian Occidental Petroleum Ltd. 1998 Capital Program Adds Low Cost Reserves and Opportunities
CALGARY, Jan. 20 /CNW/ - Canadian Occidental Petroleum Ltd. today
announced that capital investment in oil and gas activities increased from
$875 million in 1997 to $913 million in 1998. Of this amount, $332 million was
invested in exploration, $525 million was invested in development and $56
million was invested in acquisitions. The company raised over $533 million in
1998 through dispositions of non-core assets, with a further $84 million of
property sales closing in January 1999.
180% Production Replacement
This investment resulted in proved reserve additions of 162 million
barrels equivalent, before acquisitions and dispositions, replacing record
annual production of 90 million barrels equivalent (248,000 barrels equivalent
per day) by 180%. Net of acquisitions and dispositions, reserve additions
totalled 120 million barrels, resulting in year-end proved reserves of 694
million barrels equivalent.
$3.14 Per Barrel Reserve Replacement Cost
President and Chief Executive Officer, Victor Zaleschuk commented: ''1998
was an outstanding year from an operating perspective. Reserve replacement
costs averaged just Cdn. $3.14 per barrel equivalent on a proved basis,
reflecting the success of our operations and our acquisition and disposition
program. Finding and development costs averaged Cdn. $5.29 per barrel
equivalent on a proved basis. This kind of performance sets the stage for
sustained growth in future profits''
Over the past five years, CanadianOxy's finding and development costs
have averaged Cdn. $5.67 per barrel equivalent while reserve replacement costs
have averaged Cdn. $6.28 per barrel.
Asset Management Enhances Growth Opportunities
''Low oil prices depressed the market for undeveloped acreage in 1998,''
Zaleschuk explained. ''At the same time the market for producing properties
remained attractive. This created an opportunity to significantly enhance our
growth potential.''
CanadianOxy acquired interests in approximately 16 million gross
exploratory acres in Yemen, Nigeria and Australia, and significant undeveloped
acreage and production in the Gulf of Mexico during the year. Offsetting this,
dispositions of non-core Canadian and United Kingdom producing properties
achieved values averaging over $10 per barrel equivalent for proven reserves
in the ground.
''While the dispositions will have an impact on 1999 production, the
start-up of the Ejulebe field offshore Nigeria in late 1998 and new production
from the Buffalo field offshore Australia in late 1999, will restore these
volumes,'' said Zaleschuk. ''And the acreage acquisitions provide us with
exposure to significant opportunities in some of the lowest cost basins in the
world.''
CanadianOxy is an independent, Canadian-based global energy and chemicals
company. Core business activities include the exploration, development,
production and marketing of crude oil and natural gas in Canada, the United
States, Yemen, Nigeria, Australia, Colombia and Indonesia.
Certain statements in this press release constitute ''ùforward-looking
statements'' within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and Section 21E of the United States Securities
Exchange Act of 1934, as amended. By their nature, such statements are subject
to risks and uncertainties that may cause actual results to differ materially
from those expressed or implied. Readers should refer to the Company's 1997
Annual report on Form 10-K for a discussion of the risks and uncertainties
<<
Oil and Gas Proved Reserves
(mmboe equivalent)
Alternate
Canada U.S. Fuels Yemen Others TOTAL
Proved Reserves: -------------------------------------------------
December 31, 1997 259 53 168 156 28 664
-------------------------------------------------
Extensions and Discoveries 32 3 15 0 51
Revisions 15 5 26 55 9 111
Acquisitions 6 6 0 0 12
Divestments (41) (0) 0 (13) (54)
Production (31) (11) (6) (38) (4) (91)
-------------------------------------------------
December 31, 1998 239 56 188 189 22 694
-------------------------------------------------
CID.. The Alberta Stock Exchange - Bulletin - Chieftain International Inc. - CID
CALGARY, Jan. 18 /CNW/ -
BULLETIN NO.: 9901 - 027
DELISTING
CHIEFTAIN INTERNATIONAL INC. (CID)
The common shares of Chieftain International Inc. will be delisted at the
close of business on TUESDAY, JANUARY 19, 1999 at the request of the Company.
The common shares of the Company will continue to trade on the Toronto Stock
Exchange and the American Stock Exchange.
CRS.. LAST 12/16
NPP.. 1999-01-15 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Newport Petroleum Closes Acquisition
CALGARY, ALBERTA--NEWPORT PETROLEUM CORPORATION announces that it
has closed the acquisition of a 7.917 percent working interest in
the Caroline Swan Hills Gas Unit No. 1 and Caroline Gas Facilities
from Union Pacific Resources Group Inc., effective January 1,
1999. The purchase price was $165 million.
Completion of this acquisition is a significant step in the
development of a core area for Newport in the Caroline area of
west central Alberta. This acquisition in combination with the
Company's Caroline "B" Pool discovery and large undeveloped land
base will lead to continued exploration and development activity
and the potential for significant reserve and production volume
increases. The Company is planning to drill a 100 percent working
interest (before payout) well into the "B" Pool commencing in
early February.
Newport is a well capitalized, intermediate-sized producer focused
on adding value through high impact exploration, development and
strategic acquisitions. The addition of this high quality, low
operating cost asset improves Newport's ability to withstand
extended periods of commodity price weakness. The Company is well
positioned to continue to be an active explorer in the deeper part
of the basin in Western Canada where large reserves of natural gas
and liquids remain to be discovered.
1999-01-07 (provided courtesy of Canadian Corporate News.)
register to receive future releases by email from CCN
Newport Petroleum Corporation and Canadian 88 Energy Corp. Resolve Caroline Dispute
CALGARY, ALBERTA--NEWPORT PETROLEUM CORPORATION and Canadian 88
Energy Corp. have announced today that they have entered into a
settlement agreement with respect to their joint lands in the
Caroline Area. The agreement addresses all of the issues
outstanding between the corporations, and establishes a mechanism
for the withdrawal without costs of all legal actions pertaining
to the dispute between the two corporations.
The companies will be preparing a joint development plan for the
Caroline Beaverhill Lake 'B' Pool for submission to the Alberta
Energy and Utilities Board (AEUB) in early January, 1999. This
plan will detail the drilling sequence, testing plans and
processing alternatives being considered by both companies. Both
Newport and Canadian 88 will continue to actively participate in
the Caroline Beaverhill Lake 'B' Pool Advisory Committee, which
also has representatives from the AEUB, the Sundre Petroleum
Operators Group, and the community.
Included in the agreement is a division of operatorship of the
lands. The corporations will establish a joint technical team to
work together on all development matters including jointly
assessing gas processing alternatives. This will lead to timely
development and ultimate production from this very significant gas
discovery.
NRK.. LAST 12/02
POU.. LAST 12/18
PWT.. LAST 11/19 |
